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Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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.) Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retall percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %

Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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.) Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retall percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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.) Cost Retail Cost-to-Retail Ratio 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 $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %
Transcribed Image Text:Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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.) Cost Retail Cost-to-Retail Ratio 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 $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %
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 2021: Cost Beginning inventory Retail $68,000 $53,000 13,755 33,400 Net purchases Net markupa 3,000 Net markdowns.. Net sales 1,700 50,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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.)
Transcribed Image Text: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 2021: Cost Beginning inventory Retail $68,000 $53,000 13,755 33,400 Net purchases Net markupa 3,000 Net markdowns.. Net sales 1,700 50,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (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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