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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 $ 43,000 $ 58,000
Net purchases 16,280 32,400
Net markups 2,000
Net markdowns 1,200
Net sales 40,000

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

Cost Retail Cost-to-Retail Ratio
Beginning inventory
Plus: Net purchases
Net markups
Less: Net markdowns
Goods available for sale
Cost-to-retail percentage
Less: Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold

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