Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January. Beginning inventory Sales Sales returned (items restored to inventory) Purchases Purchase returns Freight-in At Cost At Retail $12,000 $15,600 186,000 3,000 90,000 180,000 1,800 5,400 3,600 Calculate estimated ending inventory using the retail inventory method at average cost. Carry all decimals in calculations; round the final answer to the nearest dollar. Ending inventory $