Colonial Corporation uses the retail method to value its inventory. The following information is available for the year. Retail $285,000 880,000 Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Cost $ 240,000 699,000 13,000 25,000 4,500 850,000 Required: Determine ending inventory and cost of goods sold by applying the conventional retall 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.