Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows:

Cost

Retail

Beginning inventory

$

32,000

$

40,000

Purchases

122,600

185,000

Freight-in

8,755

Purchase returns

5,000

11,500

Net markups

16,000

Net markdowns

13,000

Normal spoilage

6,200

Net sales

172,000

Complete the table below to estimate the ending inventory and cost of goods sold for 2021, 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.)

Cost

Retail

Cost-to-Retail Ratio

Beginning inventory

$32,000

$40,000

Purchases

122,600

185,000

Freight-in

8,755

Purchase returns

(5,000)

11,500selected answer correct

Net markups

16,000

229,500

Net markdowns

(13,000)

Goods available for sale

158,355

216,500

Cost-to-retail percentage

73.14selected answer incorrect

%

Normal spoilage

(6,200)

Net sales

(172,000)

Estimated ending inventory at retail