Question: 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

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 2011:

Required:

Estimate the average cost of ending inventory and cost of goods sold for October. Do not approximate LCM.

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Cost Retail Beginning inventory 35000 50000 Plus Net purchases 19120 3160... View full answer

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