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San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending invento goods sold. The following data are available
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending invento goods sold. The following data are available for the month of October 2021: Cost $54,000 18,695 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $69,000 33,500 3,100 1,750 51,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using th provided. Cost Retail Cost-to-Retail Ratio 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
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