Manhattan Ltd.s Electric Department Store provided the following data as of September 30, 20x6. (20 Marks)

	Cost	Selling Price
Inventory, July 1, 20x6	$362,000	$537,000
Markups		195,000
Markup cancellations		38,000
Markdowns		60,000
Markdown cancellations		23,000
Purchases	830,000	1,500,000
Purchases returns and allowances	16,000	25,000
Sales		1,680,000
Sales returns and allowances		80,000

Required:

Prepare a schedule to compute the estimated inventory at September 30, 20x6.