Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] San Lorenzo 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 October: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.
Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] San Lorenzo 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 October: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Beginning inventory
Net purchases
Net markups.
Net markdowns
Goods available for sale
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
$
Cost
50,000 $
Retail
65,000
Cost-to-Retail
Ratio
%
![Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3]
San Lorenzo 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 October:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales.
Cost
$ 50,000
17,490
Retail
$ 65,000
33,100
2,700
1,550
47,000
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided.
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a
minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83734d13-bd6b-4c02-8f8a-c9e837c52833%2F319a1d5d-c83e-4a47-9470-a44a9b58b455%2F5ns1er_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3]
San Lorenzo 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 October:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales.
Cost
$ 50,000
17,490
Retail
$ 65,000
33,100
2,700
1,550
47,000
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided.
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a
minus sign.
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