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 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 42,000 12,030 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. 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. Estimated ending inventory at retail Entimated andian insinntan, at nant Retail $ 57,000 32,300 1,900 1,150 39,000 S Cost 42,000 $ Retail 57,000 Cost-to-Retail Ratio %

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.