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

	Cost	Retail
Beginning inventory	$ 190,000	$ 280,000
Purchases	600,000	840,000
Freight-in	8,000
Net markups		20,000
Net markdowns		4,000
Net sales		800,000

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.

	Cost	Retail	Cost-to-Retail Ratio
Beginning inventory	$190,000	$280,000
Purchases	600,000	840,000
Freight-in	8,000
Net markups		20,000
		1,140,000
Net markdowns		(4,000)
Goods available for sale	798,000	1,136,000
Cost-to-retail percentage			70.00	%
Net sales		(800,000)
Estimated ending inventory at retail		$336,000
Estimated ending inventory at cost	235,200
Estimated cost of goods sold