Colonial Corporation uses the retail method to value its inventory. The following information is available for the year:

Cost Retail

Beginning inventory $ $380,000$ $ $299,000$

Purchases $524,000992,000$

Freight$-$in $27,000$

Net markups $39,000$

Net markdowns $5,900$

Net sales $990,000$

Required:

Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.).$ Enter amounts to be deducted with a minus sign.Required:

Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.).$ Enter amounts to be deducted with a

minus sign.

Answer is not complete.