A 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 March:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Required:
Cost Retail
$\ 20,000 $\ 32,000
22,360 38,400
800
600
49,000
Compute the following using the information provided.
1. Goods available for sale at cost and retail
2. Cost to retail percentage
3. Estimated ending inventory at cost and retail
4. Estimated cost of goods sold
