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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

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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 data are available for the month of October 2021: Cost $52,000 19,085 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $67,000 33,300 2,900 1,650 49,000 Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ 52,000 $ 19,085 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale 67,000 33,300 2.900 (1,650) 101,550 71,085 Cost-to-retail percentage % $ 101,550 Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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