Exercise 9-13 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 2018 Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $45,000 60,000 18,580 32, 600 2,200 1,300 42,000 Required Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Ratio Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold