Farnworth Products uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following partial data has been summarized for December 31, 2021. (Assume stable retail prices during the period.) ) SHOW YOUR WORK. 21 points Cost Retail Inventory, January 1 $216,000 $285,000 Purchases $489,855 650,000 Net markups 18,300 Net markdowns 21,200 Net sales 625,000 Required: Determine the cost-to-retail percentage used by Farnworth. Calculate ending inventory and cost of goods sold at year end.