Show Attempt History Current Attempt in Progress x Your answer is incorrect. Sandhill 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 2021. Inventory, October 1, 2021 At cost $53,100 77,300 247,412 426,100 16,700 At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 5,600 7,800 8,900 1,900 3,700 10,000 390,900 77,300 247,412 426,100 16,700 At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 5,600 7,800 8,900 1,900 3,700 10,000 390,900 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory at lower-of-cost-or-market $ 69296