Malaysian Wood Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021: Cost Retail Beg. Inventory (1/1/2021) 75,000 120,000 Net purchases 400,000 700,000 Net markups 15,000 Net markdowns 17,000 Net sales 650,000 Determine the ending inventory and cost of goods sold for the year of 2021