Beginning inventory of merchandise Cost, $40,000 Retail, $360,000 Purchases during the period Cost, $1,000,000 Retail, $10,000,000 Transportation in $50,000 Transportation out, $32,000 Purchase returns Cost, $20,000 Retail, $196,000 Net additional markups, $800,000 Net markdowns, $500,000 Sales, $9,800,000 Net markdowns, 5500.000 Sles. $9,800,000 Using the information above, compute the amounts to be reported in the financial statements for ending Inventory and cost of goods sold for the department. The spreadsheet below has been started for you. Line items have been entered in column A In columns B and Center appropriate amounts as well as intermediate subtotals directly below the amounts leading to the subtotal include the Coul to retail calculation as well as your two amounts for financial statement reporting Round the cost to retail ratio to four decimal places and include the 'o preceding the decimal point. Enter where no other entry is appropriate. Numbers that are to be dbtracted should be noted in parenthesis. A1 lock copy cut paste B 1 Cost 2 Retail $40.000 a Line Item Description Beginning inventory Purchases Transportation in Purchases tens 4 5 123 BO 6 Net purchases A C 1 Retal Line item Description Beginning inventory 2 Cost $40,000 Purchases 4 Transportation in Purchase retums 5 6 Nel puthanes Net ditional markup 7 8 Cost to retail ratio components 9 10 Netmarkdown Sales Ending inventory retail 11 12 Set Up Calculation 13 Castelatia 14 Ending mentor.cost Cost of goods sold 15