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San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following

San Lorenzo General Store 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 October 2018:

Cost Retail
Beginning inventory $ 47,000 $ 62,000
Net purchases 10,480 32,800
Net markups 2,400
Net markdowns 1,400
Net sales 44,000

Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October.

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