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Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost...

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Accounting

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

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 $ 22,000 $ 30,000
Purchases 112,600 175,000
Freight-in 2,500
Purchase returns 4,500 12,000
Net markups 11,000
Net markdowns 8,000
Normal spoilage 5,200
Net sales 162,000

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.

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