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Cost $ 205,000 589,905 8,600 Retail $295,000 855,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 23,000 7,000 815,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ Beginning inventory Purchases Freight-in Net markups 205,000 589,905 8,600 295,000 855,000 23,000 1,173,000 (7,000) 1,166,000 Net markdowns Goods available for sale 803,505 Cost-to-retail percentage 68.91 X % Net sales (815,000) 351,000 Estimated ending inventory at retail Estimated ending inventory at cost 241,874 x Crosby Company owns a chain of hardware stores throughout the state. The company 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 three months ending March 31, 2021: Cost $270,000 672,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $366,000 939,000 24,000 3,000 920,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ 270,000 $ 366,000 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg. inventory) 0 270,000 366,000 % Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) % $ 366,000 Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold