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The following data concerning the retail inventory method are taken from the financial records of Lopez Company Retail $280,000 1,280,000 Cost Beginning inventory Purchases Freight-in Net markups Net markdowns Sales S 196,000 896,000 24,000 80,000 56,000 1,344,000 If the ending inventory is to be valued at approximately the lower of cost or market (conventional retail method), the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of 1. 2. The ending inventory at retail should be 3. The approximate cost ofthe ending inventory by the conventional retail method is