What is the estimated cost of June 30, 2020 inventory using the average approach? Please show the solution in good accounting form. 

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Sultan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2020 are as follows: (pls see inserted picture) What is the estimated cost of June 30, 2020 inventory using the average approach? Inventory, January 1 Net Purchases Net Mark-ups Net Mark-downs Sales Sales returns Employee discount Sales discount Normal shrinkage Cost 820,000 2,280,000 Retail 1,262,800 3,607,200 450,000 320,000 4,350,000 300,000 100,000 80,000 50,000 * Sultan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2020 are as follows: (pls see inserted picture) What is the estimated cost of June 30, 2020 inventory using the average approach? Inventory, January 1 Net Purchases Net Mark-ups Net Mark-downs Sales Sales returns Employee discount Sales discount Normal shrinkage Cost 820,000 2,280,000 Retail 1,262,800 3,607,200 450,000 320,000 4,350,000 300,000 100,000 80,000 50,000 *

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