Traders Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows: 1. Cost Retail Beginning inventory S 17,000 s 25,000 Purchases 107,600 170,000 Freight-in Purchase returns Net markups Net markdowns Normal spoilage 8,000 6,500 9,500 8,500 5,500 4,700 157,000 Net sales Required: Estimate the ending inventory and cost of goods sold for 2016, applying the conventional retail method. (Cost-to-retail percentage to be rounded to two decimal points.) (12 points) COST RETAIL