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
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...
Related questions
Topic Video
Question
100%
![San Lorenzo General Store uses s periodic inventory system and the retsil inventory method to estimate ending inventory and cost of
goods sold. The following data are available for the month of October 2021:
Cost
Retail
$39, e00
17,290
Beginning inventory
Net purchases
Net narkups
Net markdowns
Net sales
$54,000
32,8ee
1,68e
1,8e0
36, 0ee
Required:
Complete the table below to estimate the sverage cost of ending inventory and cost of goods sold for October using the information
provided. (Round ratlo 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
Retall
39,000 S
Beginning inventory
Net purchases
54,000
17,290
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
86,600
Estimated ending inventory at cost
Estimated cost of goods sald](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3cadaab7-0242-405d-ab75-d1a15c225b30%2F8b18c053-b142-4176-9a46-6c2b1be7f5c1%2F37fea7_processed.png&w=3840&q=75)
Transcribed Image Text:San Lorenzo General Store uses s periodic inventory system and the retsil inventory method to estimate ending inventory and cost of
goods sold. The following data are available for the month of October 2021:
Cost
Retail
$39, e00
17,290
Beginning inventory
Net purchases
Net narkups
Net markdowns
Net sales
$54,000
32,8ee
1,68e
1,8e0
36, 0ee
Required:
Complete the table below to estimate the sverage cost of ending inventory and cost of goods sold for October using the information
provided. (Round ratlo 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
Retall
39,000 S
Beginning inventory
Net purchases
54,000
17,290
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
86,600
Estimated ending inventory at cost
Estimated cost of goods sald
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning