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.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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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