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Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending...

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Accounting

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2016:

Cost Retail
Beginning inventory $ 490,000 $ 620,000
Net purchases 955,000 1,400,000
Freight-in 10,500
Net markups 67,000
Net markdowns 37,000
Net sales 1,295,000

Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
Cost Retail Cost-to-Retail Ratio
Beginning inventory
Plus: Net purchases
Freight-in
Net markups
Less: Net markdowns
Goods available for sale (excluding beg. Inventory) 0 0
Goods available for sale (including beg. Inventory) 0 0
Cost-to-retail percentage
Less: Net sales
Estimated ending inventory at retail $0
Estimated ending inventory at cost
Estimated cost of goods sold $0

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