The records of Cordes Goods provided the following information for the year ended December 21 2020

At Cost At Retail

January 1 beginning inventory $854,000 $ 2,462,162

Purchases $ 1,536,900 $3,975,455

Purchase returns $36,900 $ 75,455

Sales $8,756,000

Sales Returns $89,200

Required:Prepare an estimate of the company's year end inventory using the retail method.