Problem 9 10 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 2018. Inventory, October 1, 2018 At cost At retail Purchases (exclusive of freight and retums) $52,600 77,100 At cost 239,370 420,900 16,700 At retail Freight-in Purchase returns Al cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 5,500 7,900 8,900 2,000 3,500 10,100 388,800 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost or market inventory for October 31, 2018. (Round ratios for computational purposes to o decina 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory at lower-of-cost-ar markets Click if you would like to Show Work for this question: Oren Show Work LINK TO TEXT