Aztec Corporation 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 September:

The company used the average cost flow method and estimated inventory at the end of September to be $17,437.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%.

Required:
Compute net purchases at retail and net sales for the month of September using the information provided.

Transcribed Image Text:

Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $21,000 10,500 Retail $35,000 ? 4,000 1,000 ?