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San Lorenzo General Store uses a periodic inventory system and the retail inventory method to...

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Accounting

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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 $48,000 10,170 Retail $63,000 32,900 2,500 1,450 45,000 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 (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Cost-to-Retail Ratio $ 48,000 $ 10,170 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Retail 63,000 32,900 2,500 (1.450) 96.950 58,170 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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