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:

Required:Estimate the average cost of ending inventory and cost of goods sold for October using the information provided.

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Retail Cost Beginning inventory Net purchases Net markups Net markdowns Net sales $35,000 $50,000 19,120 31,600 1,200 800 32,000