Retail$-$Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June.

Cost Selling Price

Inventory $($beginning$),$ June $1$ $$107,600$ $$160,000$

Markdowns $42,000$

Markups $58,000$

Markdown cancellations $20,000$

Markup cancellations $18,000$

Purchases $346,400447,200$

Sales $500,000$

Purchase returns and allowances $6,0007,200$

Sales returns and allowances $20,000$

Compute estimated inventory at June $30$ using the conventional retail inventory method.

$$ Note: Use negative signs as appropriate in the following schedule.

Cost Retail

Goods available for sale:

Beginning inventory

Answer

Add:

Net purchases Answer

Answer

Net markups Answer

Answer

Net markdowns Answer

Answer

Total goods available for sale Answer

Answer

Subtract:

Net sales Answer

Net markups Answer

Net markdowns Answer

Estimated ending inventory at retail Answer

Cost Ratio

Numerator $/$ Denominator $=$ Result

Answer

$/$ Answer

$=$

Estimated ending inventory at cost

Estimated ending inventory at retail Answer

cost ratio

$0$

Estimated ending inventory at cost Answer