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 Inventory, June 1 $139,880 $208,000 Markdowns 54,600 Markups 75,400 Markdown cancellations 26,000 Markup cancellations 23,400 Purchases 450,320 581,360 Sales 650,000 Purchase returns and allowances 7,800 9,360 Sales returns and allowances 26,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method. $ 0