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 for the three months ending March 31, 2021: Beginning inventory Net purchases Cost $160,000 607,760 Retail $280,000 840,000 Net markups Net markdowns Net sales 20,000 4,000 800,000