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: Retail Cost $ 450,000 $300,000 861,000 22,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns 1,210,000 48,000 18,000 1,200,000 Net sales Estimate ending inventory and cost of goods sold (average 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 for the quarter ending September 30, 2016: Retail Cost $ 450,000 $300,000 861,000 22,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns 1,210,000 48,000 18,000 1,200,000 Net sales Estimate ending inventory and cost of goods sold (average cost).
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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