USE SEPARATE EXCEL ANSWER SHEET. The General Market, which uses the retail inventory method, is suspicious that employees are doing some major shoplifting. The store took a physical inventory at the end of the year which totaled $160,000 at retail. The store recorded the following for the year: Beginning inventory: cost $70,000, retail $120,000 Net Purchases: cost $380,000, retail $580,000 Net Markups: $50,000 Net Markdowns: $30,000 Gross Sales (at retail): $550,000 Sales Returns (at retail): $20,000 Determine the estimated loss (at cost) due to shoplifting, using either the conventional method or the one that approximates lower of cost or market, whichever method you think is most appropriate.