Question 14 Co.C. uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Cost 313 500 Beginning Inventory and purchases Net markups Retail $ 540 000 30,0 00 20,0 00 480, 000 Net markdowns Net sales What amount should be reported as cost of goods sold for the year? $275,000 $273,600, $272,861 $274,223