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 2016: 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.

Beginning inventory
Plus: Net purchases
Net markups
Less: Net markdowns
Goods available for sale	0	0
Cost-to-retail percentage
Less: Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold