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 2013:

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 2013:

	Cost			Retail
Beginning inventory	$	35,000		$	50,000
Net purchases		19,120			31,600
Net markups					1,200
Net markdowns					800
Net sales					32,000

Required:

Calculate the table to estimate the average cost of ending inventory and cost of goods sold for October. Do not approximate LCM.   Explanation: Cost-to-retail percentage $54120  66% $82,000 Estimated ending inventory at cost = 66% × $50,000 = $33,000