Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:
| Cost |
Retail |
| |
|
|
| Beginning inventory and purchases |
$360,000 |
$522,500 |
| Net markups |
|
40,000 |
| Net markdowns |
|
30,000 |
| Net sales |
|
500,000 |
What amount should be reported as cost of goods sold for the year?