Beginning inventory = $31.710 Purchases = $216,515 Sales - $321,586 Markup on Cost (Profit as a percentage of cost) = 53% Provide an estimate for cost of goods sold. Question 23 Beginning inventory = $30,633 Purchases = $218,521 Sales = $308,179 Markup on Cost (Profit as a percentage of cost) = 55% Provide an estimate for the ending inventory value