Hansard Ltd. estimates its quarterly inventory by the retail inventory method. The following data are available for the quarter ended 30 June 20X7:

Required:

1. Prepare a schedule to compute the estimated inventory at 30 June 20X7.

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Cost Selling Price Inventory, 1 June $452,000 $ 672,000 Markups 244,000 Markup cancellations 76,000 Markdowns 176,000 Markdown cancellations 86,000 Purchases 1,039,200 1,880,000 Purchase returns and allowances 18,000 32,000 Sales 2,100,000 Sales returns and allowances 100,000