San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending

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 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.

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 =...