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 $86,080 $128,000 Markdowns 33,600 Markups 46,400 Markdown cancellations 16,000 Markup cancellations 14,400 Purchases 277,120 357,760 Sales 400,000 Purchase returns and allowances 4,800 5,760 Sales returns and allowances 16,000 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. $