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	$	308,000		$	502,000
Net markups					48,000
Net markdowns					38,000
Net sales					471,000

What amount should be reported as cost of goods sold for the year?

Multiple Choice

• $282,845.

• $283,336.

• None of these answer choices are correct.

• $285,040.