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

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Accounting

San Lorenzo General Store uses a periodic inventory system andthe retail inventory method to estimate ending inventory and costof goods sold. The following data are available for the month ofOctober 2018:
Cost Retail
Beginninginventory $ 47,000 $ 62,000
Netpurchases 10,480 32,800
Net markups 2,400
Netmarkdowns 1,400
Net sales 44,000

Required:
Complete the table below to estimate the average cost of endinginventory and cost of goods sold for October.

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Answer Cost of goods available for sale Cost of beginning inventory cost of net purchases Cost of goods available for sale 47000 10480 Cost of goods available for sale 57480 Retail value of goods available for sale Retail value of beginning inventory retail value of See Answer

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	Cost		Retail
Beginninginventory	$	47,000	$	62,000
Netpurchases		10,480		32,800
Net markups				2,400
Netmarkdowns				1,400
Net sales				44,000