Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:

Beginning inventory and purchases COST $308,000

Beginning inventory and purchases RETAIL $510,000

Net markupsRETAIL50,000

Net markdownsRETAIL40,000

Net salesRETAIL463,000

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

Multiple Choice

• None of these answer choices are correct.
• $273,576.
• $276,650.
• $274,238.