At December 31, the following information is available from Palo Companys accounting records. If sales are $774,200 and markdowns total $9,800, compute estimated inventory at December 31 using the conventional retail method. Cost Retail Inventory January 1 $102,900 $142,100 Purchases 583,100 808,500 Net markups - 29,400 Available for sale $686,000 $980,000 Note: Use negative signs as appropriate in the following schedule. Cost Retail Goods available for sale: Beginning inventory Answer 102,900