Exercise 9-16 (Algo) 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 2021 are as follows: Beginning inventory Purchased Freight-in Purchase return Net markupa Net markdowns Normal spolage Net salos Cost Retail $ 32,000 $40,000 122,500 185,000 8,755 5,000 11,500 16,000 13,000 6,200 172,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold for 2021, applying the conventional retail method using the Information provided. (Round ratio calculation to 2 decimal places (1., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Cost Costa Retail Ratio 5 Retail 40.000 185,000 Beginning inventory Purchases Freight in Purchase ratums Not markups 32,000 5 122.600 3.755 (5,000) 10.000 (13,000) Netmarkdowns Goods avilable for sale 158,355 Cool-to-rotal percentage 16200) (172.000) Normal spolage Notes Estimated ending Inventory at metal Estimated ending inventory at cost Estimated cost of goods sold