2. Grand Department Store, Inc, uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018: Inventory, October 1, 2018: At cost At retail $ 20,000 30,000 Purchases (exclusive of freight and returns): At cost At retail Freight-in 100,151 146,495 5,100 Purchase returns: 2,100 2,800 2,500 265 800 4,500 135,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales Required: 1. Using the conventional retail method, prepare a schedule computing estimat inventory for October 31, 2018. ted lower of cost or