(Answered) Question - san lorenzo general store uses a periodic

Accounting

Question - 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: Estimate the average cost of ending inventory and cost of goods sold for October.

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