San Lorenzo General Store uses a periodic inventory system and the retail inventory method to...
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Accounting
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 Retail Beginning inventory $35,000 50,000 Net purchases 20,000 32,000 Net markups 500 Net markdowns 2,500 Net sales 45,000
Required: Determine the companys ending inventory and cost of goods sold.
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