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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has...

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021:

Cost Retail
Inventory, January 1 $ 61,000 $ 82,000
Purchases 324,280 469,200
Net markups 8,800
Net markdowns 17,500
Net sales 400,000


Required:
Estimate the ending inventory as of December 31, 2021

Estimated ending inventory at retail
Estimated ending inventory at cost
Business   Accounting   
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