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Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $220,580 $328,000 Markdowns 86,100 Markups 118,900 Markdown cancellations 41,000 Markup cancellations 36,900 Purchases 710,120 916,760 1,025,000 Purchase returns and allowances 12,300 14,760 Sales returns and allowances 41,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method. Sales $ Check