Question: Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1

Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following

Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1 Markdowns Markups Markdown cancellations Cost Selling Price $86,080 $128,000 33,600 46,400 16,000 14,400 357,760 400,000 5,760 16,000 Markup cancellations Purchases Sales Purchase returns and allowances 4,800 Sales returns and allowances Compute estimated inventory at June 30 using the conventional retail inventory method. 277,120

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