Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] 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 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. Goods available for sale Cost-to-retail percentage Net sales Cost $ 46,000 20,255 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 61,000 32,700 2,300 1,350 43,000 $ Cost 46,000 $ 20,255 0 0 66,255 $ Retail 61,000 32,700 2,300 (1,350) 94,650 94,650 Cost-to-Retail Ratio 70.00 % B

Exercise 9-13 (Algo) Retail inventory method; average cost [LO9-3] San Lorenzo General Store uses a periodic inventory system and the retall imventory method to estimate ending inventory and cost of goods sold The following data are avalfable for the month of October: Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the informotion provided. Note: Round ratio calculation to 2 decimal ploces (i.e, 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign