Question: Adams Corporation uses a periodic inventory system and the retai

Adams Corporation 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 September 2011:

The company used the average cost flow method and estimated inventory at the end of September to be $17,437.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%.

Required:
Compute net purchases at retail and net sales for the month of September.


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  • CreatedJuly 02, 2013
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