Estimating Inventory Using Retail Inventory Method$$ Conventional

Retail$-$Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June.

CostSelling PriceInventory $($beginning$),$ June $1$$$161,400$$$240,000$Markdowns$63,000$Markups$87,000$Markdown cancellations$30,000$Markup cancellations$27,000$Purchases$519,600670,800$Sales$750,000$Purchase returns and allowances$9,00010,800$Sales returns and allowances$30,000$

Compute estimated inventory at June $30$ using the conventional retail inventory method.

$$ Note: Use negative signs as appropriate in the following schedule.

CostRetailGoods available for sale:Beginning inventoryAnswer $1$Answer $2$Add:Net purchasesAnswer $3$Answer $4$Net markupsAnswer $5$Answer $6$Net markdownsAnswer $7$Answer $8$Total goods available for saleAnswer $9$Answer $10$Subtract:Net salesAnswer $11$Net markupsAnswer $12$Net markdownsAnswer $13$Estimated ending inventory at retailAnswer $14$

Cost RatioNumerator$/$Denominator$=$ResultAnswer $15/$Answer $16=$

Estimated ending inventory at costEstimated ending inventory at retailAnswer $17$cost ratioEstimated ending inventory at costAnswer $18$