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Estimate ending inventory and cost of goods sold

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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.

Reference no: EM131648056

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