Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost Retail $260,000 $ 480,000 661,000 1,220,000 27,200 24,000 12,000 9,000 1,380,000 The company records sales to employees net of discounts. These discounts totaled $23,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Cost Retail Cost-to-Retail Ratio $ 260,000 $ 661,000 27,200 480,000 1,220,000 Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 1,700,000 948,200 1,700,000 Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1,700,000 $ 948,200