Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows:

	Cost			Retail
Beginning inventory	$	24,000		$	32,000
Purchases		114,600			177,000
Freight-in		5,675
Purchase returns		5,500			7,500
Net markups					12,000
Net markdowns					9,000
Normal spoilage					5,400
Net sales					164,000

Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018, applying the conventional retail method.

Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Purchases Freight-in Less: Purchase returns Plus: Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold