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	$118,360	$176,000
Markdowns		46,200
Markups		63,800
Markdown cancellations		22,000
Markup cancellations		19,800
Purchases	381,040	491,920
Sales		550,000
Purchase returns and allowances	6,600	7,920
Sales returns and allowances		22,000

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	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
Estimated ending inventory at cost	Answer

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	$118,360	$176,000
Markdowns		46,200
Markups		63,800
Markdown cancellations		22,000
Markup cancellations		19,800
Purchases	381,040	491,920
Sales		550,000
Purchase returns and allowances	6,600	7,920
Sales returns and allowances		22,000

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	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
Estimated ending inventory at cost	Answer