Colonial Corporation uses the retail method to value its Inventory. The following Information is available for the year. Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: Cost $ 210,000 650,000 10,000 Retail $ 282,000 856,000 22,000 4,200 820,000 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. Answer is complete but not entirely correct. Cost Retail Cost-to-Retail Ratio Beginning inventory Purchases Freight-in Net markups $ 210,000 $ 282,000 650,000 856,000 10,000 0 0 22,000 1,160,000 Net markdowns Goods available for sale Cost-to-retail percentage Net sales (4,200) 870,000 1,155,800 75.00% (820,000) Estimated ending inventory at retail S 335,800 Estimated ending inventory at cost 817,214 Estimated cost of goods sold $ 252,788