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4. At December 31, 2020, the following information was available from Rhys Co.'s accounting records: Cost Retail Inventory, 1/1/20 Purchases Net markups Net markdowns Sales

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4. At December 31, 2020, the following information was available from Rhys Co.'s accounting records: Cost Retail Inventory, 1/1/20 Purchases Net markups Net markdowns Sales $225,000 $ 335,000 860,000 1,275,000 20,000 12,000 1,250,000 Required: Using the conventional retail method, estimate the cost of Rhys' inventory at December 31, 2020

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