7. Farnworth Products uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following partial data has been summarized for December 31, 2021. (Assume stable retail prices during the period.)) SHOW YOUR WORK. 21 points Cost Retail Inventory, January 1 $216,000 $285,000 Purchases Net markups Net markdowns Net sales $489,855 650,000 18,300 21,200 625,000 Required: a) Determine the cost-to-retail percentage used by Farnworth. b) Calculate ending inventory and cost of goods sold at year end.