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Kiddie World uses a periodic inventory system and the retail…

Posted byAnonymous February 26, 2024February 26, 2024

Questions

Kiddie Wоrld uses а periоdic inventоry system аnd the retаil inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year: Cost Retail Beginning inventory $ 400,000 $ 535,000 Net purchases 905,000 1,310,000 Freight-in 45,000   Net markups   58,000 Net markdowns   28,000 Net sales   1,250,000 Estimate ending inventory and cost of goods sold (average cost).

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Tags: Accounting, Basic, qmb,

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