Question

# Almaden General Store uses a periodic inventory system and the retail inventory method to estimate ending...

Almaden 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 November 2021: ​ Cost Retail Beginning inventory \$48,000 \$63,000 Net purchases 10,170 32,900 Net markups ​ 2,500 Net markdowns ​ 1,450 Net sales ​ 45,000Cost of cost of goods sold for November using conventional retail inventory method would be:

 ​ Cost Retail Beginning inventory \$48,000 \$63,000 Net purchases 10,170 32,900 Net markups ​ 2,500 Net markdowns ​ 1,450 Net sales ​ 45,000

Cost of cost of goods sold for November using conventional retail inventory method would be:

 a.\$30,256. b.\$28,039. c.\$29,345. d.\$27,457.

 Answer : "d. \$27457" Retail Cost Percentage Beg Inventory 63000 48000 Net Purchases 32900 10170 Net markups 2500 Goods available for sale 98400 58170 0.591158537 Net markups -1450 Net Sales -45000 Ending Inventory 51950 30711 51950*0.591158537 cost of goods sold 27459 or 27457