Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost Retail Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: $ 220,000 588,000 11,000 $ 283,000 864,000 23,000 4,300 830,000 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 Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 220,000 $ 283,000 283,000 220,000 283,000 % $ 283,000