12.

Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year: Cost Retail Beginning inventory $235,000 $430,000 Net purchases 655,000 1,195,000 Freight-in 14,200 Net markups 19,000 Net markdowns 7,000 Normal spoilage 4,000 Sales 1,330,000 36 The company records sales to employees net of discounts. These discounts totaled $18,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost- Ra $ Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale 235,000 655,000 14,200 430,000 1,195,000 19.000 1,644,000 (7.000) 1.637,000 Less: Net markdowns Goods available for sale 904.200 Cost-to-retail percentage (4,000) Less: Normal spoilage Less: Net sales Sales Employee discounts (1,330,000) (18,000) 1,330,000 pany records sales to employees net of discounts. These discounts $18,000 for the year. ending inventory and cost of goods sold using the conventional (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be as 12.34%.)) Cost Retail Cost-to-Retail Ratio $ 235,000 $ 655,000 14,200 430,000 1,195,000 g inventory rchases ight-in markups vailable for sale t markdowns vailable for sale 19,000 1,644,000 (7,000) 1.637,000 904,200 etail percentage mal spoilage (4.000) t sales es (1.330,000) (18,000) 285,000 ployee discounts d ending inventory at retail d ending inventory at cost d cost of goods sold $