Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate sold. The following data are available for the month of September: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 27,000 13,500 Retail $ 45,000 ? 10,300 2,800 ? The company used the average cost flow method and estimated inventory at the end of Septer
Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate sold. The following data are available for the month of September: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 27,000 13,500 Retail $ 45,000 ? 10,300 2,800 ? The company used the average cost flow method and estimated inventory at the end of Septer
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
$ 27,000
13,500
Retail
$ 45,000
Net purchases at retail
Net sales
?
10,300
2,800
?
The company used the average cost flow method and estimated inventory at the end of September to be $22,556.25. 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.
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