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 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 $ 55,000 16,400 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. Goods available for sale Cost-to-retail percentage Net sales Retail $ 70,000 33,600 3,200 1,800 52,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 55,000 $ 55,000 $ Retail 70,000 70,000 70,000 Cost-to-Retail Ratio %

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 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 $ 55,000 16,400 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. Goods available for sale Cost-to-retail percentage Net sales Retail $ 70,000 33,600 3,200 1,800 52,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 55,000 $ 55,000 $ Retail 70,000 70,000 70,000 Cost-to-Retail Ratio %

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Description: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost ofgoods sold. The following data are available for the month of October:Beginning inventoryNet purchasesNet markupsNet m

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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