3. San Lorenzo General Store 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 month of October: IO Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 38,000 13,270 Retail $ 53,000 31,900 1,500 950 35,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided and the AVERAGE retail inventory method.

3. San Lorenzo General Store 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 month of October: IO Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 38,000 13,270 Retail $ 53,000 31,900 1,500 950 35,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided and the AVERAGE retail inventory method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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