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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 2018: Cost $53,000 13,755 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $68,000 33,400 3,000 1,700 50,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Net purchases Net markups Less: Not markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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