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Benny's Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following
Benny's Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 2021.
| Cost | Retail | ||||||
| Beginning inventory | $ | 41,000 | $ | 61,000 | |||
| Net purchases | 180,000 | 275,000 | |||||
| Net markups | 26,000 | ||||||
| Net markdowns | 11,500 | ||||||
| Net sales | 219,000 | ||||||
To the nearest thousand, estimated ending inventory is:
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