San Lorenzo General Store uses a periodic inventory system and the retail inventory method to...
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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: Cost $37,000 17,795 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $52,000 31,800 1,400 900 34,000 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 (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Cost-to-Retail Ratio $ $ 37.000 17.795 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Retail 52,000 31,800 1,400 (900) 84,300 54,795 Cost-to-retail percentage 65.00 % 34,000 50,300 $ Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 50,300
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