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. Inventory, June 1 Markdowns Markups Markdown cancellations Cost Selling Price $43,040 $64,000 16,800 23,200 8,000 7,200 Purchases 138,5601 178,880 Sales 200,000 Purchase returns and allowances 2,400 2,880 8,000 Markup cancellations Sales returns and allowances Compute estimated inventory at June 30, 2020, using the conventional retail inventory method. Round any cost ratios used in your calculations to two digits after the decimal; for example, use 0.42 for 0.424 or 0.43 for 0.425.