Kiddie World uses a periodic Inventory system and the retall Inventory method to estimate ending Inventory and cost of goods sold.The following data are available at the end of the year.Beginning inventoryNet purchasesFreight-inNet markupsNet markdownsNet salesCost$470,000945,00012,100Retail$ 600,0001,380,00065,00035,0001,285,000Estimate ending inventory and cost of goods sold (LIFO).Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.)Beginning inventoryCostRetailCost-to-RetailRatio$470,000 $945,000600,0001,380,000Plus: Net purchasesFreight-inNet markupsLess: Net markdowns12.10065.000(35,000)Goods available for sale (excluding beginning Inventory)957,1001,410,000Goods available for sale (including beginning Inventory)1,427.1002,010,000Cost-to-retail percentageLess: Net salesEstimated ending inventory at retail(1.285.000)S725,000Estimated ending inventory at costEstimated cost of goods sold

Name: Kiddie World uses a periodic Inventory system and the retall Inventor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Kiddie World uses a periodic Inventory system and the retall Inventory method to estimate ending Inventory and cost of goods sold.The following data are available at the end of the year.Beginning inventoryNet purchasesFreight-inNet markupsNet markdo

Cost of goods sold:COGS, or cost of goods sold, is the entire amount spent on making and selling…

Business

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 at the end of the year. Cost $470,000 945,000 12,100 Retail $ 600,000 1,380,000 65,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales 35,000 1,285,000 Estimate ending Inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.)

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 at the end of the year. Cost $470,000 945,000 12,100 Retail $ 600,000 1,380,000 65,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales 35,000 1,285,000 Estimate ending Inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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, 2021: Cost Retail Beginning inventory $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold using the conventional method.
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, 2021:Cost Retail Beginning inventory $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 please answer do not image format
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
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 at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 380,000 895,000 68,200 Beginning inventory Plus. Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 Estimate ending Inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.) $ 56,000 26,000 1,240,000 Cost 380,000 $ 895,000 68,200 1,343,200 $ Retail 520,000 1,290,000 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost to Retail Ratio 4
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, 2021: Cost Retail Beginning inventory $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Laura's Department Store uses the average cost retail inventory method to determine its ending inventory. The accounting records for the current year for Laura's contained the following information: Cost Retail Purchases $71,200 $87,750 Beginning inventory 17,000 23,500 Sales 98,000 Net markups 6,500 Net markdowns 3,000 In addition, the accounting records for Laura's disclosed that purchases returns at cost and retail were $1,950 and $4,250, respectively. What is the cost-to-retail percentage to be used for ending inventory calculations? A 76.8% B 79.8% C 78.1% D 75.1%
The following data is given for Co. A., a merchandising company. Assume the company uses the Periodic Inventory system and that the cost of goods sold is $ 300,000, $14.000 40.000 60.000 2 4.000 6.000 Freight-In Merchandise Inventory, January 1, 2020 Merchandise Inventory, January 31, 2020 Purchases Purchase Returns Purchase Discounts Required: a. Calculate the missing amount for "Purchases" b. Calculate the "Cost of Goods Sold"
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =
On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory $
sanjay