Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available:

Required:

Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. (Note: 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.)

\begin{tabular}{lrr} & \multicolumn{1}{l}{ Cost } & Retail \\ Beginning inventory & $160,000 & $280,000 \\ Net purchases & 607,760 & 840,000 \\ Net markups & & 20,000 \\ Net markdowns & & 4,000 \\ Net sales & & 800,000 \end{tabular}