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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 Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 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.

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 Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Beginning inventory Net purchases Net markups. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 50,000 $ Retail 65,000 Cost-to-Retail Ratio %
Transcribed Image Text:Beginning inventory Net purchases Net markups. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 50,000 $ Retail 65,000 Cost-to-Retail Ratio %
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. Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 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.
Transcribed Image Text: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. Cost $ 50,000 17,490 Retail $ 65,000 33,100 2,700 1,550 47,000 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.
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