Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending...
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Accounting
Adams Corporation 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 September 2021:
Cost Retail
Beginning inventory 23000 37000
Net purchases 11500 ?
Net markups 4200
Net markdowns 1200
Net sales ?
The company used the average cost flow method and estimated inventory at the end of September to be $19,607.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your intermediate calculations.)
Net Purchases at retail 20,000
Net Sales
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