Seved Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations Beginning inventory and purchases Net markups Net markdowns Net sales Cost Retail $286,000 $519,000 31,000 21,000 482,000 What amount should be reported as cost of goods sold for the year? Multiple Choice $261.560 None of these enswer choices are correct $260,590 $260100