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Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are
Adams 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 2021: Cost $24,000 12,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $40,000 ? 8, 600 1,600 ? The company used the average cost flow method and estimated inventory at the end of September to be $19,856.25. 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. (Do not round your intermediate calculations.) Answer is complete but not entirely correct. $ Net purchases at retail Net sales 17,000 65,009 X $
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