Pharoah Co, uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $321000 $479000 Purchases 1270000 1560000 Freight-in 16000 Employee discounts 7100 Net markups 53000 Net markdowns 82000 Sales revenue 1600000 The approximate cost of the ending inventory by the conventional retail method is (Round cost-to-retail ratio percentages to 1 decimal places, e.g. 52.7 % - 0.527.) $403000. $328285. $309427. $306685