San Lorenzo General Store uses a periodic inventory system and the retail

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 2016:

CostRetail  Beginning inventory$53,000 $68,000   Net purchases 13,755  33,400   Net markups    3,000   Net markdowns    1,700   Net sales    50,000

Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October.

Here’s the SOLUTION

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