Trail Outfitters is a retailer of outdoor clothing and equipment. The company has a standard mark$-$up of $100\%$ on invoiced cost. Inventory at the beginning of the fiscal year was $$1,790,000.$ During the year, the company purchased $$13,700,000$ of goods and recorded sales of $$25,780,000.$ The year$-$end inventory count showed $$3,380,000$ of inventory measured at actual retail prices. Included in this total of $$3,380,000$ is $$520,000$ of goods that had been discounted by $35\%$ relative to regular prices.

Requirement

Using the retail inventory method, estimate the cost of inventory at the year$-$end and the amount of cost of goods sold.

Requirement. Using the retail inventory method, estimate the cost of inventory at the year$-$end and the amount of cost of goods sold.

Begin by completing the table below to determine the estimated cost of inventory at year$-$end. $($Leave unused cells blank. Round the cost as $\%$ of retail price to four decimal places, XX$.$XXXX$\%.$ Round the estimated cost to the nearest whole dollar.$)$

$\backslash$table$[[,,$Mark$-$down,Retail price,Cost as $\%,\backslash$table$[[$Retail value$],[$of inventory$]],\backslash$table$[[$Estimated$],[$cost$]]],[,$Mark$-$up$,(\%$ of$,$per dollar$],[$Product category,$(\%$ on cost$),$regular price$),$of cost$,$of retail price$],[$Regular$,\%,\%,,\%,,],[$Discounted$,\%,\%,,\%,,],[$Total$,,,,,,]]$

Now compute the cost of goods sold at year$-$end.

$\backslash$table$[[,|+$dots$|,=,$Cost of goods sold$]]$