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. Inventory (beginning), June 1 Markdowns Markups Cost Selling Price $161,400 $240,000 63,000 87,000 Markdown cancellations 30,000 Markup cancellations 27,000 Purchases 519,600 670,800 Sales 750,000 Purchase returns and allowances 9,000 10,800 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. Cost Retail Goods available for sale: Beginning inventory $ 161,400 $240,000 Add: Net purchases 519,600 x 670,800 x Net markups Net markdowns 87,000 x 63,000 x