March 31, 2018 Retail $200,000 $350,000 712,000 879,000 16,000 5, 000 849,000 Cost Beginning inventory Net purchases Net markups Net markdowns Net sales Required Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2018. Assume stable retail prices during the period Cost-to-Retail Ratio Cost Retail $ 200,000350,000 879,000 16,000 (5,000) 890,000 1,240,000 Beginning inventory Plus: Net purchases 712,000 Net markups 0 Less: Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg. inventory) 712,000 912,000 Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (849,000) $ 391,000