Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Cost $ 370,000 726,000 26,000 Retail $ 298,000 984,000 38,000 5,800 980,000 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 (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 Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 370,000 $ 298,000 %