Question: This is what i have so far and dont know if it is right either. Still need the blank spots. Problem 3 Chapter 9 San
Problem 3 Chapter 9 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 $41,000 21, 230 Retail $56,eee 32,200 1,800 1,100 38,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October $ Cost 41.000 $ 21.230 Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale Retail Cost-to-Retail Ratio 56.000 32 200 1,800 1.100) 88,900 62.230 Cost-to-retail percentage 70% Less: Net sales Estimated ending Inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 38.000 50.900 35,630 26,600 $
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