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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $44,000 11,410 Retail $59,000 32,500 2,100 1,250 41,000 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 (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $44,000 11,410 Retail $59,000 32,500 2,100 1,250 41,000 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 (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Name: Hi Please help with question attached, thanks so much. San Lorenzo Gen
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Hi Please help with question attached, thanks so much. 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 Oc

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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