Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Cost Retail Beginning inventory and purchases $313,500 $540,000 Net markups 30,000 Net markdowns 20,000 Net sales 480,000 Based on the above information, what is the cost-to-retail percentage? O 59% O 57% 55% None of these answer choices are correct Based on the above information, what is the estimated value of cost of goods sold? O $570,000 O $313,500 $275,000 O $550,000