Question

Flint Company uses the average cost retail method to estimate its ending inventories. The following data...

  1. Flint Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021:

Cost

Retail

Inventory, January 1

$ 54,205

$ 78,000

Purchases

332,000

466,000

Purchase discount                             

6,000

Net markups

8,200

Net markdowns

16,700

Net sales

412,000

Required:

Estimate the ending inventory as of December 31, 2021.

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