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 $39, 00 17,290 Beginning inventary Net purchases Net narkups Net narkdowns Net sales Retail $54,000 12, 000 1,600 1,000 36, 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 (1.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retall Ratio Cont Retail Beginning inventory 39,000S 17,290 54,000 Net purchases 32,000 Net markups 1,600 Net markdowns (1,000) Goods available for sale 56,290 86,600 Cost-to retail percentage Net sales Estimated ending inventory at retail 06,600 Estimated ending inventory at cost Entimated cost of goods sold

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 $39, 00 17,290 Beginning inventary Net purchases Net narkups Net narkdowns Net sales Retail $54,000 12, 000 1,600 1,000 36, 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 (1.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retall Ratio Cont Retail Beginning inventory 39,000S 17,290 54,000 Net purchases 32,000 Net markups 1,600 Net markdowns (1,000) Goods available for sale 56,290 86,600 Cost-to retail percentage Net sales Estimated ending inventory at retail 06,600 Estimated ending inventory at cost Entimated cost of goods sold

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Description: San Lorenzo General Store uses s periodic inventory system and the retsil inventory method to estimate ending inventory and cost ofgoods sold. The following data are available for the month of October 2021:CostRetail$39, e0017,290Beginning inventory

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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