(Answered) Question - kiddie world uses a periodic inventory system

Accounting

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.

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