Problem 9-10 Sunland 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 $51,300 79,300 At cost At retail Purchases (exclusive of freight and returns) At cost 261,695 420,400 16,400 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, 2018. (Round ratios for computational purposes to O decimal places, e.g 7890 and final answer to 0 decimal places, eg. 28,987) Ending inventory at lower-of-cost-or-market s