Beginning inventory Colonial Corporation uses the retail method to value its Inventory. The following Information is available for the year. Cost $ 210,000 650,000 10,000 Retail $ 282,000 856,000 22,000 4,200 820,000 Purchases Freight-in Net markups Net markdowns Net sales Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign. Beginning inventory Purchases Freight-in Net markups Answer is complete but not entirely correct. Cost-to-Retail Cost Retail Ratio $ 210,000 $ 282,000 650,000 856,000 10,000 00 00 22,000 1,160,000 Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (4,200) 870,000 1,155,800 75.00% (820,000) (335,800) $ 251,850 $ 335,800