Please do not give solution in image format thanku San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventoryand cost of goods sold. The following data are available for the month of October:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRequired:Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using theinformation provided.Beginning inventoryNet purchasesNet markupsNet markdownsCost$ 47,00010,480Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to bededucted with a minus sign.Goods available for saleCost-to-retail percentageNet salesRetail$ 62,00032,8002,4001,40044,000Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold$Cost47,000 $Retail62,000Cost-to-RetailRatio%

Name: Please do not give solution in image format thanku San Lorenzo General
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventoryand cost of goods sold. The following data are available for the month of Octobe

Under retail inventory method to estimate average cost of ending inventory and cost of goods sold…

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Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory I cost of goods sold. The following data are available for the month of October: eginning inventory et purchases et markups et markdowns et sales Cost $ 47,000 10,480 Retail $ 62,000 32,800 2,400 1,400 44,000 quired: mplete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the rmation provided. te: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be Hucted with a minus sign.