The records of Earthly Goods provided the following information for the year ended December 21 2020
						At Cost		At Retail
January 1 beginning inventory						$ 942,700		$ 1,854,300
Purchases						$ 6,657,660		$ 12,797,400
Purchase returns						$ 105,600		$ 238,700
Sales								$ 10,991,400
Sales Returns								$ 89,200
Required:
Prepare an estimate of the company's year end inventory using the retail method.