Please do not give solution in image format thanku San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventoryand cost of goods sold. The following data are available for the month of October:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRequired:Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using theinformation provided.Beginning inventoryNet purchasesNet markupsNet markdownsCost$ 47,00010,480Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to bededucted with a minus sign.Goods available for saleCost-to-retail percentageNet salesRetail$ 62,00032,8002,4001,40044,000Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold$Cost47,000 $Retail62,000Cost-to-RetailRatio%

Name: Please do not give solution in image format thanku San Lorenzo General
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Please do not give solution in image format thanku San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventoryand cost of goods sold. The following data are available for the month of Octobe

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Accounting

Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory I cost of goods sold. The following data are available for the month of October: eginning inventory et purchases et markups et markdowns et sales Cost $ 47,000 10,480 Retail $ 62,000 32,800 2,400 1,400 44,000 quired: mplete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the rmation provided. te: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be Hucted with a minus sign.

Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory I cost of goods sold. The following data are available for the month of October: eginning inventory et purchases et markups et markdowns et sales Cost $ 47,000 10,480 Retail $ 62,000 32,800 2,400 1,400 44,000 quired: mplete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the rmation provided. te: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be Hucted with a minus sign.

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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