A 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 March: Cost Retail Beginning inventory $ 20,000 $ 32,000 Net purchases 22,360 38,400 Net markups 800 Net markdowns 600 Net sales 49,000 Required: Compute the following using the information provided. Goods available for sale at cost and retail Cost to retail percentage Estimated ending inventory at cost and retail Estimated cost of goods sold Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
A 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 March: Cost Retail Beginning inventory $ 20,000 $ 32,000 Net purchases 22,360 38,400 Net markups 800 Net markdowns 600 Net sales 49,000 Required: Compute the following using the information provided. Goods available for sale at cost and retail Cost to retail percentage Estimated ending inventory at cost and retail Estimated cost of goods sold Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A 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 March:
Cost Retail
Beginning inventory $ 20,000 $ 32,000
Net purchases 22,360 38,400
Net markups 800
Net markdowns 600
Net sales 49,000
Required:
Compute the following using the information provided.
Goods available for sale at cost and retail
Cost to retail percentage
Estimated ending inventory at cost and retail
Estimated cost of goods sold
Navigation:
Use the Open Excel in New Tab button to launch this question.
When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
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