As of January 1, 2017, Sunland Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the stores financial statements at June 30, 2017, you obtain the following data. Compute Sunlands June 30, 2017, inventory under the conventional retail method of accounting for inventories Cost Selling Price Inventory, January 1 $29,700 $46,500 Markdowns 11,500 Markups 8,300 Markdown cancellations 7,000 Markup cancellations 3,300 Purchases 96,400 157,600 Sales revenue 155,600 Purchase returns 2,800 3,600 Sales returns and allowances 7,900