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 Inventory (beginning), June 1 Markdowns Markups Markdown cancellations $75,320 $112.000 29,400 40,600 14,000 Markup cancellations 12.600 Purchases 242,480 OPOELE Sales 350,000 Purchase returns and allowances 4,200 Sales returns and allowances 14,000 Compute estimated inventory at June 30 using the conventional retail inventory method. Note: Use negative signs as appropriate in the following schedule. Goods available for sale: Beginning inventory $ 75,320 S 112,000 Add: Net purchases 242,480 x 313,040 x Net markups 40,600 x Net markdowns 14,000 x Total goods available for sale 317,800 x 179,640 x Subtract Net sales Net markups Net markdowns Estimated ending inventory at retail Numerator Denominator - Estimated ending inventory at cost Estimated ending inventory at retail cost ratio Estimated ending inventory at cost Result 350,000 x 12,600 x 0 x 0x