What is the estimated cost of June 30, 2020 inventory using the average approach? Please show the solution in good accounting form. 

Sultan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2020 are as follows: (pls see inserted picture) What is the estimated cost of June 30, 2020 inventory using the average approach? Inventory, January 1 Net Purchases Net Mark-ups Net Mark-downs Sales Sales returns Employee discount Sales discount Normal shrinkage Cost 820,000 2,280,000 Retail 1,262,800 3,607,200 450,000 320,000 4,350,000 300,000 100,000 80,000 50,000 *