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 $300,000 701, 000 17, 600 Retail $ 560,000 1,260,000 32,000 5,000 2,000 1,460,000 The company records sales to employees net of discounts. These discounts totaled $31,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Beginning inventory $ Plus: Purchases Freight-in 300,000 $ 701,000 560,000 1,260,000 17,600 Net markups 32,000 Goods available for sale 1,852,000 Less: Net markdowns (5,000) Goods available for sale 1,018,600 1,847,000 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 (2,000) (1,460,000) (31,000) $ 354,000 Cost-to-Retail Ratio