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Sheridan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2020, are as follows: Cost Retail Inventory, 2/1/20 $ 350000 $ 425000 Purchases 1750000 2737500 Markups, net 312500 Sales 2775000 Estimated normal shoplifting losses 35000 Markdowns, net 190000 Under the lower-of-cost-or-market method, Sheridan's estimated inventory at July 31, 2020 is (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.) n $285000. w es $475000. 3545000. 0 5306000