Estimating Inventory Using Retail Inventory Method-Conventional Outlet Store applies the conventional retail inventory method. Information relating t the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales. Beginning inventory At Cost At Retail Sales Purchases Freight-in Markups Markup cancellations Markdowns $40,000 $80,000 600,000 300,000 590,000 8,000 60,000 20,000 25,000 Markdown cancellations 5,000 Calculate estimated ending inventory for 2020 using the conventional retail method. Carry all decimals in calculations; round the final answer to the nearest dollar. Ending inventory $