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:

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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