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Estimate ending inventory and cost of goods sold

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Question - 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, 2018:

 

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.

Reference no: EM132134543

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