A company uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: \begin{tabular}{|lrr} & Cosst & Retail \\ Beginning inventory and purchases & $318,500 & $580,500 \\ Net markups & & 32,000 \\ Net markdowns & & 22,000 \\ Net sales & & 542,000 \end{tabular} What amount should be reported as cost of goods sold for the year