Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and

Question:

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.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...