Valuing Inventory Using Conventional Retail Method At December 31, the following information is available from Palo Company's accounting records. If sales are $1,659,000 and markdowns total $21,000, compute estimated inventory at December 31 using the conventional retail method. Cost Retail Inventory January 1 $220.500 $304,500 Purchases 1.249,500 1,732.500 $3,000 Available for sale $1.470.000 $2,100,000 Note: Use negative signs as appropriate in the following schedule. Goods avalable for sale Beging very Net purchases Cost Ratail 220500304500 1,245,500 1.732.500 het markdowns 30 Total goods available for sale $147,000 2,100,000 Net sales Net markups Estimated anding inventory area