Business, 23.03.2020 22:55, dorsonchang6511
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 $ 370,000 $ 515,000 Net purchases 890,000 1,280,000 Freight-in 54,000 Net markups 55,000 Net markdowns 25,000 Net sales 1,235,000 Estimate ending inventory and cost of goods sold using the conventional method.
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