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sold. The following data are available for the month of September 2021: Cost Retail $21,400 $38,600 10,700 Beginning inventory Net purchases Net markups Net markdowns Net sales 8,500 2,500 The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the comp had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your Entermediate calculations.) Net purchases at retail

sold. The following data are available for the month of September 2021: Cost Retail $21,400 $38,600 10,700 Beginning inventory Net purchases Net markups Net markdowns Net sales 8,500 2,500 The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the comp had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your Entermediate calculations.) Net purchases at retail

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Subject: accounting 

Adams Corporation 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 September 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $21,400 $38,600 10,700 ? 8,500 2,500 ? The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50% Net purchases at retail Net sales Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your intermediate calculations.)
Transcribed Image Text:Adams Corporation 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 September 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $21,400 $38,600 10,700 ? 8,500 2,500 ? The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50% Net purchases at retail Net sales Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your intermediate calculations.)
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