Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost Retail Beginning inventory $ 340,000 $ 295,000 Purchases 669,000 960,000 Freight-in 23,000 Net markups 35,000 Net markdowns 5,500 Net sales 950,000 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., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.