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 narkdowns Net sales Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Beginning inventory Net purchases Net markups Net markdowns Cost $ 44,000 11,410 Note: Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign. Goods available for sale Cost-to-retail percentage Net sales Retail $ 59,000 32,500 2,100 1,250 41,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 44,000 $ Retail 59,000 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 narkdowns Net sales Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Beginning inventory Net purchases Net markups Net markdowns Cost $ 44,000 11,410 Note: Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign. Goods available for sale Cost-to-retail percentage Net sales Retail $ 59,000 32,500 2,100 1,250 41,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 44,000 $ Retail 59,000 Cost-to-Retail Ratio %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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 narkdowns
Net sales
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided.
Beginning inventory
Net purchases
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.
Net markups
Net markdowns
Cost
$ 44,000
11,410
Goods available for sale
Cost-to-retail percentage
Net sales
Retail
$ 59,000
32,500
2,100
1,250
41,000
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold i
$
Cost
44,000 $
Retail
59,000
Cost-to-Retai
Ratio
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0a4e976-3597-4de8-93c3-f330d3be0980%2F86a5df7c-82ff-43ad-a9c7-c26c81d089af%2Fbd0bhbo_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 narkdowns
Net sales
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided.
Beginning inventory
Net purchases
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.
Net markups
Net markdowns
Cost
$ 44,000
11,410
Goods available for sale
Cost-to-retail percentage
Net sales
Retail
$ 59,000
32,500
2,100
1,250
41,000
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold i
$
Cost
44,000 $
Retail
59,000
Cost-to-Retai
Ratio
%
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