Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following infor mation for the 2018 fiscal year: Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Net sales $290,000 $ 540,000 691,000 1,250,000 20,000 30,000 11,000 8,000 1,440,000 The company records sales to employees net of discounts. These discounts totaled $29,000 for the year Estimate ending inventory and cost of goods sold using the conventional method. Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Net sales