Question
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 | Retail | |||
Beginning inventory | $ | 23,200 | $ | 36,800 |
Net purchases | 11,600 | ? | ||
Net markups | 4,300 | |||
Net markdowns | 1,300 | |||
Net sales | ? | |||
The company used the average cost flow method and estimated inventory at the end of September to be $19,894.00. 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.)
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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $ 23,200 $36, Bee 11,600 4,300 1,300 The company used the average cost flow method and estimated Inventory at the end of September to be $19,894.00. 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 not complete. $ 20.200 Net purchases at retail Net sales
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