Colonial Corporation uses the retail method to value its inventory. The following information is available for...

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Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Cost $340,000 669,000 23,000 Retail $ 295,000 960,000 Net markups 35,000 Net markdowns Net sales Required: 5,500 950,000 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 (i.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 Net markdowns Goods available for sale Cost-to-retail percentage Cost Retail Cost-to-Retail Ratio $ 340,000 $ 295,000 % Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Cost $340,000 669,000 23,000 Retail $ 295,000 960,000 Net markups 35,000 Net markdowns Net sales Required: 5,500 950,000 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 (i.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 Net markdowns Goods available for sale Cost-to-retail percentage Cost Retail Cost-to-Retail Ratio $ 340,000 $ 295,000 %