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 $24,000 $31,200 372,000 6,000 180,000 360,000 3,600 7,200 10,800 Calculate estimated ending inventory using the average cost retail method. Note: Use negative signs as appropriate in the following schedule. Cost Retail Goods available for sale: Beginning inventory $ 24,000 $ 31,200 Net purchases 0x 0x Total goods available for sale $ 0x $ 0x Net sales 0x Estimated ending inventory at retail 0x 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