Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January. Beginning inventory Sales Sales returns (items restored to inventory) Purchases Purchase returns Freight-in At At Cost Retail $16,000 $20,800 248,000 4,000 120,000 240,000 2,400 4,800 7,200 Calculate estimated ending inventory using the average cost retail method. Note: Use negative signs as appropriate in the following schedule. Goods available for sale: Cost Retail Beginning inventory $ 16,000 $ 20,800 Net purchases 0* 0 X Total goods available for sale $ 0 * $ 0 X 0 % Net sales $ 0 X Estimated ending inventory at retail Cost Ratio Numerator/Denominator Result $ 0x / $ 0x = Note: Use the result above EXACTLY as shown to compute the following amount. Estimated ending inventory at cost: $ 0 x