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 $ 324,000 $ 566,000 Net markups 34,000 Net markdowns 24,000 Net sales 488,000

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

Multiple Choice

• $273,625.

• $274,500.

• None of these answer choices are correct.

• $276,480.