E 9-16 Conventional retail method; normal spoilage L09-4 ! Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows Cost Retail $12,000 $20,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 102,600 165,000 3,480 7,000 6,000 3,000 4,200 152,000 4,000 Required: Estimate the ending inventory and cost of goods sold for 2018, applying the conventional retail method