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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 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 42,000 12,030 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. Estimated ending inventory at retail Entimated andian insinntan, at nant Retail $ 57,000 32,300 1,900 1,150 39,000 S Cost 42,000 $ Retail 57,000 Cost-to-Retail Ratio %

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 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 42,000 12,030 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. Estimated ending inventory at retail Entimated andian insinntan, at nant Retail $ 57,000 32,300 1,900 1,150 39,000 S Cost 42,000 $ Retail 57,000 Cost-to-Retail Ratio %

Intermediate Accounting: Reporting And Analysis
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale i Cost-to-retail percentage Net sales Cost $ 42,000 12,030 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. Estimated ending inventory at retail Entimmend andinn insinntan, at mant Retail $ 57,000. 32,300 1,900 1,150 39,000 S Cost 42,000 $ Retail 57,000 Cost-to-Retail Ratio %
Transcribed Image Text: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 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale i Cost-to-retail percentage Net sales Cost $ 42,000 12,030 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. Estimated ending inventory at retail Entimmend andinn insinntan, at mant Retail $ 57,000. 32,300 1,900 1,150 39,000 S Cost 42,000 $ Retail 57,000 Cost-to-Retail Ratio %
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