Melvin Corporation uses the CONVENTIONAL RETAIL METHOD for Financial Reporting. The companys inventory record are summarized as follows:

Description Cost Retail

Beginning Inventory $700,000 $1,015,000

Purchases $1,320,000 $1,857,500

Additional Markups $72,000

Markup Cancellations $12,000

Markdowns $18,500

Markdown Cancellations $3,000

Sales $2,740,500

Required:

Estimates Melvins Ending Inventory using the Conventional Retail Method (Round percentages to two decimal places)