Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost- goods sold. The following data are available for the month of October: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 42,000 12,030 Retail $ 57,000 32,300 1,900 1,150 39,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with minus sign.
Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost- goods sold. The following data are available for the month of October: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 42,000 12,030 Retail $ 57,000 32,300 1,900 1,150 39,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with minus sign.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Transcribed Image Text:es
minus sign.
Beginning inventory
Net purchases
Net markups
Net markdowns.
Goods available for sale.
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
$
Cost
42,000 $
Retail
57,000
Cost-to-Retail
Ratio
%
![Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3]
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:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Cost
$ 42,000
12,030
Retail
$ 57,000
32,300
1,900
1,150
39,000
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a
minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18691d8e-a449-409a-af09-2298b4629e15%2Ffe70beb2-1e2e-4d3c-88f9-251e320d9c48%2Fj7na22_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3]
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:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Cost
$ 42,000
12,030
Retail
$ 57,000
32,300
1,900
1,150
39,000
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information
provided
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a
minus sign.
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