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Estimate the average cost of ending inventory

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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.

Reference no: EM131648035

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