Colonial Corporation uses the retail method to value its inventory. The following information is available for the year Cost Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: $ 230,000 584,000 12,000 Retail $ 284,000 872,000 24,000 4,400 840,000 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 $ 230,000 $ 284,000 284,000 230,000 284,000 $ 284,000