A company uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight in Net markups Net markdowns Net sales Required: Cost $170,000 726,000 26,000 Retail $298,000 38,000 980,000 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 (ie., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.