don't use chatgpt.......A company uses the retail method to value its inventory. The following information is available for the year: Cost Retail Beginning inventory $ $260,000$ $ $287,000$ Purchases $693,000896,000$ Freight$-$in $15,000$ Net markups $27,000$ Net markdowns $4,700$ Net sales $870,000$ Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided