(a) Using the conventional retail method, compute estimated lower-of-cost-or-market inventory for August 31, 2018. (Round ratios for computational purposes to O decimal places, e.g 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory at lower-of-cost-or-market $Bonita Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of August 2018. Inventory. August 1, 2018 At cost $91,500 At retail 136,500 Purchases (exclusive of freight and returns) At cost 167,018 At retail 262,300 Freight-in 21,400 Purchase returns At cost 9,300 At retail 12,800 Markups 9,200 Markup cancellations 3,000 Markdowns (net) 16,100 Normal spoilage and breakage 5,600 Sales 308,000