answer in text form please (without image) okhtncesAztec Corporation uses a periodic inventory system and the retailinventory method to estimate ending inventory and cost of goods sold.The following data are available for the month of September:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesCost$ 21,40010,700Net purchases at retailNet salesThe company used the average cost flow method and estimatedinventory at the end of September to be $17,120.00. If the company hadused the LIFO cost flow method, the cost-to-retail percentage would havebeen 50%.$Retail$ 38,600Required:Compute net purchases at retail and net sales for the month ofSeptember using the information provided.Note: Do not round your intermediate calculations.8,5002,50015,400

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Description: answer in text form please (without image) okhtncesAztec Corporation uses a periodic inventory system and the retailinventory method to estimate ending inventory and cost of goods sold.The following data are available for the month of September:Begin

LIFO is last in first out method means inventory bought last is sold first.Inventory means the…

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Aztec Corporation 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 September: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 21,400 10,700 Retail $ 38,600 8,500 2,500 ? The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided. Note: Do not round your intermediate calculations.

Aztec Corporation 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 September: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 21,400 10,700 Retail $ 38,600 8,500 2,500 ? The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided. Note: Do not round your intermediate calculations.

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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