Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. san lorenzo general store uses a periodic inventor

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

80.2K

Verified Solution

Question

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:

CostRetail
Beginninginventory$47,000$62,000
Netpurchases10,48032,800
Net markups2,400
Netmarkdowns1,400
Net sales44,000


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

Answer & Explanation Solved by verified expert
4.4 Ratings (956 Votes)
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose your business borrows $100,000 to purchase a piece of equipment. You will be borrowing the...

Finance
Q

The long-term success of a company is of particular interest to both internal and external users...

Accounting
Q

A solution prepared by mixing 60.0 mL of 0.220 M AgNO3 and 60.0 mL of 0.220...

Chemistry
Q

PeripateticShippingLines,Inc.,isashipping company that owns n ships and provides service to n ports. Each of its ships...

Advance Math
Q

Explain management's role and the importance of it in the implementation of statistical process control (SPC). COURSE:...

General Management
Q

Oxytocin O Q Exerts its most important effects during menstruation Controls milk production Release is...

Biology
Q

1 Imagine that you are at the origin If the waves you can see clearly...

Algebra
Q

48. LO.3 During the year (not a leap year),...

Accounting
Q

Data for June Work-in-process inventory, June 1: 26,000 units Direct materials: 100% complete Conversion: 40%...

Accounting
Q

Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget...

Accounting
Q

Please tell us about a time you achieved a work or personal goal you didnt...

Accounting
Q

PLEASE ANSWER STEP BY STEP and not through excel. I need the work to be...

Finance