Brief Exercise 9-10 (Algo) Conventional retail method [LO9-4] Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year: Beginning inventory Net purchases Freight-in Cost $ 315,000 716,000 14,000 Retail $ 590,000 1,275,000 Net markups 35,000 Net markdowns Normal spoilage Sales 8,000 5,000 1,490,000 The company records sales to employees net of discounts. These discounts totaled $34,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 315,000 $ 716,000 590,000 1,275,000 14,000 35,000 1,900,000 (8,000) 1,045,000 1,892,000 (5,000) (1,490,000) (34,000) $ 363,000