The East India Trading Company uses the conventional retail method to estimate ending inventory. Cost data...

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The East India Trading Company uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below. The firm earned purchase discounts of $30,000 by paying within discount periods. A really bad maelstrom destroyed an entire ship with $110,000 worth of inventory (retail value $200,000). There was also $4000 worth of inventory stolen by pirates (retail value $6,000), but this is considered 'normal'. Employee discounts for the period totaled $40,000. Cost Retail Beginning Inventory $80,000 $140,000 Purchases Purchase returns Net markups Net markdowns Net sales 250,000 400,000 30,000 70,000 50,000 30,000 80,000 What is COGS? Write your answer on the "period" line of the scantron. The East India Trading Company uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below. The firm earned purchase discounts of $30,000 by paying within discount periods. A really bad maelstrom destroyed an entire ship with $110,000 worth of inventory (retail value $200,000). There was also $4000 worth of inventory stolen by pirates (retail value $6,000), but this is considered 'normal'. Employee discounts for the period totaled $40,000. Cost Retail Beginning Inventory $80,000 $140,000 Purchases Purchase returns Net markups Net markdowns Net sales 250,000 400,000 30,000 70,000 50,000 30,000 80,000 What is COGS? Write your answer on the "period" line of the scantron.