Part 3 (4 points) Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2020.

	Retail
Net purchases ($108,500 at cost)	$150,000
Net markups	10,000
Net markdowns	5,000
Sales revenue	126,900

Required: Fill in the blanks to compute the ending inventory and cost of goods sold to be reported on financial statements assuming Amiras uses the conventional retail method.

	Cost	Retail
Beginning inventory	________	________
Plus: Net purchases	________	________
Net markups		________
Inventory available for sale (excluding net markdowns)	________	________
Cost-to-retail percentage = _____________________________
Less: Net markdowns		________
Less: Net sales		________
Estimated ending inventory at retail		________
Estimated ending inventory at cost	________
Estimated cost of goods sold	________