1. Beginning inventory = $34,420 Purchases = $200,259 Sales = $307,992 Markup on Cost (Profit as a percentage of cost) = 53% Provide an estimate for cost of goods sold.

2. Beginning inventory = $30,993 Purchases = $201,066 Sales = $309,295 Markup on Cost (Profit as a percentage of cost) = 52% Provide an estimate for the ending inventory value.