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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 2021: Cost $54,800 18,695 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $69,eee 33,500 3,180 1,750 51,00 Required: Complete the table below to estimate the average cost of ending Inventory and cost of goods sold for October using the Information provided. (Round ratlo calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus slgn.) Cost Retail Cost-to-Retail Ratio S $ 54,000 18,695 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale 69,000 33,500 3.100 (1.750) 103,850 72.695 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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