Exercise 9-14 (Algo) Conventional retail method [LO9-4] 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 inlormation provided Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34% ). Enter amounts to be deducted with a minus sign. 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 ploces (i.e., 0.1234 should be entered as 12.34%.) Enter amounts to be deducted with o minus sign