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Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2018:

	Cost			Retail
Beginning inventory	$	280,000		$	367,000
Net purchases		693,000			907,000
Net markups					19,000
Net markdowns					2,000
Net sales					900,000

Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2018. Assume stable retail prices during the period.

Cost Retail Cost-to-Retail Ratio Beginning inventory $280,000 $367,000 Plus: Net purchases 693,000 907,000 Net markups 19,000 Less: Net markdowns (2,000) Goods available for sale (excluding beg. inventory) 693,000 924,000 Goods available for sale (including beg. inventory) 973,000 1,291,000 Cost-to-retail percentage 75% Less: Net sales 900,000 Estimated ending inventory at retail $391,000 Estimated ending inventory at cost Estimated cost of goods sold

I cannot figure out Estimated ending inv. at cost or Estimated COGS

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