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:
| Cost | Retail |
| Beginninginventory | $ | 47,000 | | $ | 62,000 | |
| Netpurchases | | 10,480 | | | 32,800 | |
| Net markups | | | | | 2,400 | |
| Netmarkdowns | | | | | 1,400 | |
| Net sales | | | | | 44,000 | |
|
Required:
Complete the table below to estimate the average cost of endinginventory and cost of goods sold for October.
