Jenkins Company uses the periodic method and the retail inventory method to determine ending inventory. The following data is available from the company records for the month of July 2016: Retail Cost 80,000 130,000 Beginning Inventory Net purchases 500,000 261,000 Net Markups 25,000 35,000 Net Markdowns 520,000 Net Sales Required: Determine the estimated ending inventory on July 31, 2016 using a. The conventional retail method b. The average cost method