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 $32,280 $48.000 Markdowns 12,600 Marloups 17.400 Markdown cancellations 6,000 Markup cancellations 5,400 Purchases 103.920 134.160 Sales 150,000 Purchase returns and allowances 1,800 2,160 Sales returns and allowances 6.000 Compute estimated Inventory at June 30, 2020, using the conventional retail inventory method