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Please explain how the answers are calculated. Robotics Corporation uses a periodic inventory system...

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Accounting

Please explain how the answers are calculated.

Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year:

Cost Retail
Beginning inventory $ 265,000 $ 490,000
Net purchases 666,000 1,225,000
Freight-in 26,000
Net markups 25,000
Net markdowns 6,000
Normal spoilage 3,000
Sales 1,390,000

The company records sales to employees net of discounts. These discounts totaled $24,000 for the year.

Estimate ending inventory and cost of goods sold using the conventional method.

Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)

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