5 Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Retail 16.66 points Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales eBook Required: B Hint Cost $ 190,000 600,000 8,000 $ 280,000 840,000 20,000 4,000 800,000 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. Cost Retail Print Cost-to-Retail Ratio Beginning inventory $ Purchases References Freight-in Net markups Net markdowns Goods available for sale 190,000 $ 600,000 8.000 0 280,000 840,000 0 20,000 1,140,000 Cost-to-retail percentage Net sales Estimated ending inventory at retail (4,000) 798,000 1,136,000 70.00 % (800,000) $ 336,000 Mc Graw Hill Estimated ending inventory at cost Estimated cost of goods sold < Prev 5 of 6 Next > Check my work