Ivanhoe Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021.

Inventory, October 1, 2021
At cost		$51,300
At retail		79,300
Purchases (exclusive of freight and returns)
At cost		261,695
At retail		420,400
Freight-in		16,400
Purchase returns
At cost		5,500
At retail		8,200
Markups		8,800
Markup cancellations		2,000
Markdowns (net)		3,700
Normal spoilage and breakage		9,800
Sales revenue		391,100

(a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)

Ivanhoe Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021. $51,300 79,300 261,695 420,400 16,400 Inventory, October 1, 2021 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 5,500 8,200 8,800 2,000 3,700 9,800 391,100 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory at lower-of-cost-or-market $