Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Information:

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows:

	Cost			Retail
Beginning inventory	$	14,000		$	22,000
Purchases		104,600			167,000
Freight-in		8,600
Purchase returns		5,000			8,000
Net markups					7,000
Net markdowns					4,000
Normal spoilage					4,400
Net sales					154,000

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost Retail $ 14,000 $ 22,000 104,600 167,000 8,600 5,000 8,000 7,000 4,000 4,400 154,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ $ 22,000 167,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 14,000 $ 104,600 8,600 (5,000) 7,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ 22,000 167,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 14,000 $ 104,600 8,600 (5,000) 7,000 (4,000) Net markdowns Goods available for sale 122,200 Cost-to-retail percentage (4,400) (154,000) Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold