Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The company used the average cost flow method estimated inventory at the end of September to be $22,556.25. If the company had used the LIFO cost method, the cost-to-retail percentage would have been 50%.

Adams Corporation uses a periodic inventory system and the sold. The following data are available for the month of Septer Cost Retail Beginning inventory $27,000 $45,000 Net purchases 13 , 500 Net markups 10,300 Net markdowns 2, 800 Net sales ces The company used the average cost flow method and estimat had used the LIFO cost flow method, the cost-to-retail percent Required: Compute net purchases at retail and net sales for the month of intermediate calculations.) Net purchases at retail Net sales