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 2021:
Cost
Retail
Beginning inventory
$
37,000
$
52,000
Net purchases
17,795
31,800
Net markups
1,400
Net markdowns
900
Net sales
34,000
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