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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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $49,000 14,765 Retail $64,000 33,000 2,600 1,500 46,000 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 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.)

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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $49,000 14,765 Retail $64,000 33,000 2,600 1,500 46,000 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 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.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $49,000 14,765 Retail $64,000 33,000 2,600 1,500 46,000 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 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.)
Transcribed Image Text: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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $49,000 14,765 Retail $64,000 33,000 2,600 1,500 46,000 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 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.)
Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 49,000 $ 14,765 63,765 Retail 64,000 33,000 2,600 (1,500) 98,100 Cost-to-Retail Ratio
Transcribed Image Text:Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 49,000 $ 14,765 63,765 Retail 64,000 33,000 2,600 (1,500) 98,100 Cost-to-Retail Ratio
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