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: Beginning inventory Cost $ 51,000 19,280 Retail $ 66,000 33,200 2,800 Net purchases Net markups Net markdowns Net sales Required: 1,600 48,000 Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: 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. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 51,000 $ 66,000 51,000 66,000 108.57 % $ 66,000
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: Beginning inventory Cost $ 51,000 19,280 Retail $ 66,000 33,200 2,800 Net purchases Net markups Net markdowns Net sales Required: 1,600 48,000 Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: 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. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 51,000 $ 66,000 51,000 66,000 108.57 % $ 66,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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please answer in text form with introduction , concept , explanation, computation , steps clearly and completely in proper format no
![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:
Beginning inventory
Cost
$ 51,000
19,280
Retail
$ 66,000
33,200
2,800
Net purchases
Net markups
Net markdowns
Net sales
Required:
1,600
48,000
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the
information provided.
Note: 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.
Beginning inventory
Net purchases
Net markups
Net markdowns
Goods available for sale
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
Cost
Retail
Cost-to-Retail
Ratio
$
51,000 $
66,000
51,000
66,000
108.57 %
$
66,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7014572-33f8-4d1a-921b-d0f7925e04a2%2F7ada198c-ed1e-4e6e-84f9-bc19031edfdd%2Fozst2ci_processed.png&w=3840&q=75)
Transcribed Image Text: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:
Beginning inventory
Cost
$ 51,000
19,280
Retail
$ 66,000
33,200
2,800
Net purchases
Net markups
Net markdowns
Net sales
Required:
1,600
48,000
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the
information provided.
Note: 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.
Beginning inventory
Net purchases
Net markups
Net markdowns
Goods available for sale
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
Cost
Retail
Cost-to-Retail
Ratio
$
51,000 $
66,000
51,000
66,000
108.57 %
$
66,000
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