Question 8 Partially correct Mark 3.10 out of 5.00 Flag question Estimating Inventory Using Retail Inventory Method- Conventional Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for the year follows. Estimated normal spoilage is 2% of sales. Beginning inventory Sales Purchases At Cost At Retail $48,000 $96,000 720,000 360.000 708,000 Freight-in Markups Markup cancellations Markdowns Markdown cancellations 9,600 72,000 24,000 30,000 6,000 Calculate estimated ending inventory for the year using the conventional retail method. Note: Use negative signs as appropriate in the following schedule. Cost Retail Goods available for sale: Beginning inventory $ Net purchases Net markups Net markdowns 48,000 $ 369,600 0 96,000 708,000 48,000 Normal spoilage 0 Total goods available for sale 417,600 852,000 Net sales 36,000 x Net markups Net markdowns 36,000 x Normal spoilage 5,880 x Estimated ending inventory at retail $ 0 Cost Ratio Numerator / Denominator = 0x / $ Result 0x = Note: Round your answers to the nearest whole dollar. Estimated ending inventory at cost Estimated ending inventory at retail cost ratio S 0 x Estimated ending inventory at cost 5 0 x