Thomas Store, Inc. uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of August 2020:

CostRetailBeginning inventory$72,000$93,000Net purchases18,88134,980Net markups2,500Net markdowns650Net sales44,000

Required Tasks:

1. Calculate the cost-to-retail percentage(show your calculations)
2. Calculate the estimated ending inventory at retail(show your calculations)
3. Calculate the estimated ending inventory at cost(show your calculations)
4. Calculate the estimated cost of goods sold(show your calculations)

D Question 7 5 pts Thomas Store, Inc. uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of August 2020: Cost Retail Beginning inventory $72,000 $93,000 Net purchases 18,881 34,980 Net markups 2,500 Net markdowns 650 Net sales 44,000 Required Tasks: 1. Calculate the cost-to-retail percentage (show your calculations) 2. Calculate the estimated ending inventory at retail (show your calculations) 3. Calculate the estimated ending inventory at cost (show your calculations) 4. Calculate the estimated cost of goods sold (show your calculations) Edit View Insert Format Tools Table 12pt Paragraph B I U A & T V Q E V B BV R EV EVE TO BY VX