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 Net purchases Net markups Net markdowns Net sales Required: $ 49,000 14,765 $ 64,000 33,000 2,600 1,500 46,000 Calculate the table to estimate the average cost of ending inventory and cost of goods sold for October. Do not approximate LCM.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 2013:
Cost Retail.
Beginning
inventory
Net
purchases
Net
markups
Net
markdowns.
Net sales
$ 49,000
14,765
$ 64,000
33,000
2,600
1,500
46,000
Required:
Calculate the table to estimate the average cost of ending inventory and cost of
goods sold for October. Do not approximate LCM.
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 2013: Cost Retail. Beginning inventory Net purchases Net markups Net markdowns. Net sales $ 49,000 14,765 $ 64,000 33,000 2,600 1,500 46,000 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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