Brief Exercise 9 -8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World uses a periodic inventorysystem and the retail inventory method to estimate ending inventory and cost of goods sold. The followingdata are available for the quarter ending September 30, 2021: Cost Retail Beginning inventory $ 500,000 $630,000 Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net markdowns 38,000Net sales 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2decimal places (i.e., 0.1234 should be entered as 12.34% .))

The total value of goods and products that a company has on hand at the end of a particular…

and the retail inventory method to estimate ending inventory and cost of goods sold. available for the quarter ending September 30, 2021: Cost Retail Beginning inventor Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net mark s 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio places (i.e., 0.1234 should be entered as 12.34% .))

and the retail inventory method to estimate ending inventory and cost of goods sold. available for the quarter ending September 30, 2021: Cost Retail Beginning inventor Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net mark s 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio places (i.e., 0.1234 should be entered as 12.34% .))

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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