Question -
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2016 fiscal year:
CostRetail Beginning inventory$290,000 $540,000 Net purchases 691,000 1,250,000 Freight-in 20,000 Net markups 30,000 Net markdowns 11,000 Normal spoilage 8,000 Net sales 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.