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

	Cost	Retail
Beginning inventory	$ 300,000	$ 291,000
Purchases	581,000	928,000
Freight-in	19,000
Net markups		31,000
Net markdowns		5,000
Net sales		910,000

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.

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