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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 $ 53,000 $ 68,000 Net purchases 13,755 33,400 Net markups 3,000 Net markdowns 1,700 Net sales 50,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October.
cost | retail | cost to retail | |
Beg inventory | |||
plus : net purchase | |||
net markups | |||
less: markdowns | |||
goods avail for sale | |||
cost to retail percentage | |||
less: net sales | |||
estimated ending inventory at retail | |||
estimated ending inventory at cost | |||
estimated cost of goods sold |
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