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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 2013:

Cost Retail
Beginning inventory $ 45,000 $ 60,000
Net purchases 18,580 32,600
Net markups 2,200
Net markdowns 1,300
Net sales 42,000

Required:

Calculate the table to estimate the average cost of ending inventory and cost of goods sold for October. Do not approximate LCM.

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