Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year:

Cost Retail

Beginning inventory $245,000 $450,000

Net purchases 665,000 1,205,000

Freight-in 11,800

Net markups 21,000

Net markdowns 9,000

Normal spoilage 6,000

Sales 1,350,000

The company records sales to employees net of discounts. These discounts totaled $20,000 for the year.

1) Find the cost to retail percentage

2) Find the estimated ending inventory at cost

3) Find the estimated cost of goods sold

4) Fill the answers in on the table below.

Cost Retail Cost 2 Retail Ratio

Beginning Inventory 245000 450000

Plus : Purchases 665000 1205000

Freight- IN 11800

Net Markups 21000

Goods avail 4 sale 1676000

Less: Markdowns (9000)

Goods avail 4 sale 921800 1,667,000

Cost to retail % _________

Less : Spoilage

Less: Net Sales

Sales 1,350,000

Employee Discounts (20,000)

Estimated Ending Inventory at Retail 291000

Estimated Ending Inventory at Cost _________

Estimated Cost of Goods Sold _________