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 2020. Cost Selling Price $43,040 $64,000 16,800 23,200 8,000 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances 7,200 138,560 178,880 2,400 200,000 2,880 8,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method. $ 27,840 x