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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 2018: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Cost $35,000 19,120 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $50,000 31,600 1,200 800 32,000 Cost $ 35,000 $ 19,120 54,120 Retail 50,000 31,600 81,600 Cost-to-Retail Ratio

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 2018: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Cost $35,000 19,120 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $50,000 31,600 1,200 800 32,000 Cost $ 35,000 $ 19,120 54,120 Retail 50,000 31,600 81,600 Cost-to-Retail Ratio

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 2018: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Cost $35,000 19,120 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Retail $50,000 31,600 1,200 800 32,000 Cost 35,000 $ 19,120 54,120 Retail 50,000 31,600 81,600 D Cost-to-Retail Ratio A www Mauk
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 2018: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Cost $35,000 19,120 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Retail $50,000 31,600 1,200 800 32,000 Cost 35,000 $ 19,120 54,120 Retail 50,000 31,600 81,600 D Cost-to-Retail Ratio A www Mauk
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