Please do not give solution in image format San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimateending inventory and cost of goods sold. The following data are available for the month of October 2016:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesBeginning inventoryPlus: Net purchasesNet markupsLess: Net markdownsGoods available for saleCost$43,00016,280Cost-to-retail percentageRequired:Complete the table below to estimate the average cost of ending inventory and cost of goods sold forOctober.Retail$58,00032,4002,0001,20040.000Less: Net salesEstimated ending inventory atretailEstimated ending inventory atcostEstimated cost of goods soldAnswer is complete but not entirely correct.Cost-to-Retail RatioISCost43,00016,280030059,28038,532 X20.748 X38,532 xSRetail58,00032,4002,000✔1,200✔91,20050,28031,92065%

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Description: Please do not give solution in image format San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimateending inventory and cost of goods sold. The following data are available for the month of October 2016:

The cost of goods manufactured includes the cost of goods that are finished during the period. The…

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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 2016: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Cost $43,000 16,280 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost-to-retail percentage Retail $58,000 32,400 2,000 1,200 40,000 Answer is complete but not entirely correct. Cost-to- Retail Ratio $ Cost 43,000 $ 16,280 00 59,280 Retail 58,000 32.400 2,000 1,200 91,200 65%

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 2016: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Cost $43,000 16,280 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost-to-retail percentage Retail $58,000 32,400 2,000 1,200 40,000 Answer is complete but not entirely correct. Cost-to- Retail Ratio $ Cost 43,000 $ 16,280 00 59,280 Retail 58,000 32.400 2,000 1,200 91,200 65%

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...

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