San Lorenzo General Store uses a periodic Inventory system and the retail Inventory method to estimate ending Inventory and cost ofgoods sold. The following data are available for the month of October 2021:Beginning inventoryNetpurchasesNet markupsNet markdownsNet salesCost$40,00021,425Retail$55,00032,1001,7001,05037,000Required:Complete the table below to estimate the average cost of ending Inventory and cost of goods sold for October using the informationprovided. (Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%). Enter amounts to be deductedwith a minus sign.)Beginning inventoryNet purchasesNet markupsNet markdownsGoods available for saleCost-to-retail percentageNet salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldCostRetailCost-to-RetailRatio$40,000 $21,42555,00032,1001,700(1.050)61,42587,750

Final answer CostRetailCost -to- retail ratio Beginning inventory$40,000$55,000 Net purchases$…

Answered: San Lorenzo General Store uses a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold using the conventional method.
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Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
Please proper solution and introduction and without plagiarism
Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 107 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Cost of goods sold e Textbook and Media Units 50 41 Save for Later 58 149 $ Unit Cost $15 18 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) $ 19 Total Cost $750 738 FIFO 1,102 $2,590 $ $ LIFO $ $ Average-cost Attempts: 0 of 3 used Submit Answer
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