The following information is available for the past month for a retail store:

Sales $ 80,000 Markups $ 9,000

Markdowns $ 7,000 Purchases (at cost) $ 38,800

Purchases (at retail) $107,000

Beginning inventory (at cost) $ 30,000 Beginning inventory (at retail) $ 46,000

REQUIRED: Estimate the cost of ending inventory and cost of goods sold, assuming the use of the conventional retail method.