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	$	312,000		$	553,000
Net markups					47,000
Net markdowns					37,000
Net sales					514,000

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

Multiple Choice

• $284,354.

• $284,845.

• None of these answer choices are correct.

• $286,520.