The records of Earthly Goods provided the following information for the year ended December 31, 2020.

	At Cost			At Retail
January 1 beginning inventory	$	600,000		$	90,000
Purchases		5,000,000			7,000,000
Purchase returns		100,000			200,000
Sales					6,000,000
Sales returns					50,000

Insert you answer below and show your work. 4 points will be awarded for calculating ending inventory at retail, 4 points for calculating cost to retail ratio, and 2 points for calculating estimated ending inventory at cost