Dengar Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goodssold. The following data are available for the month of September:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesCost$ 22,40011,200Retail$ 41,600710,9002,900?The company used the average cost flow method and estimated inventory at the end of September to be $17,377.50. If the companyhad 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.$$Answer is complete but not entirely correct.Net purchases at retail39,000 €Net sales39,000 Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records providethe following information:Merchandise inventory, January 1, 2024Net purchasesNet markupsNet markdownsNet salesRelated retail price indexes are as follows:January 1, 2024December 31, 20241.001.20Cost$ 328,000596,400Retail$ 410,000705,00027,00022,000550,000Required:Determine ending inventory and cost of goods sold using the information provided.

Name: Dengar Aztec Corporation uses a periodic inventory system and the reta
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Dengar Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goodssold. The following data are available for the month of September:Beginning inventoryNet purchasesNet markupsNet m