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 2021:
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 2021:
| Cost | Retail | |||||
| Beginning inventory | $ | 47,000 | $ | 62,000 | ||
| Net purchases | 10,480 | 32,800 | ||||
| Net markups | 2,400 | |||||
| Net markdowns | 1,400 | |||||
| Net sales | 44,000 | |||||
Required:
Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
Homework Answers
Answer
|
Average Cost |
||||
|
Cost |
Retail |
Cost to Retail Ratio |
Working |
|
|
Beginning Inventory |
$ 47,000.00 |
$ 62,000.00 |
||
|
Plus: Purchases |
$ 10,480.00 |
$ 32,800.00 |
||
|
Net Markups |
$ - |
$ 2,400.00 |
||
|
Less: Net MarkDowns |
$ 1,400.00 |
|||
|
Goods Available for sale |
$ 57,480.00 |
$ 95,800.00 |
||
|
Cost to retial Percentage |
60.00% |
( 57480 / 95800 ) x 100 |
||
|
Less: Net Sales |
$ 44,000.00 |
|||
|
Estimated ending inventory at retail |
$ 51,800.00 |
95800 - 44000 |
||
|
Estimated ending Inventory at cost |
$ 31,080.00 |
51800 x 60% |
||
|
Estimated Cost of Good Sold |
$ 26,400.00 |
|||
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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 2021:
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! San Lorenzo General Store...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
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