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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	$129,120	$192,000
Markdowns		50,400
Markups		69,600
Markdown cancellations		24,000
Markup cancellations		21,600
Purchases	415,680	536,640
Sales		600,000
Purchase returns and allowances	7,200	8,640
Sales returns and allowances		24,000

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

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