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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 2018:

Cost Retail
Inventory, January 1 $ 54,000 $ 78,500
Purchases 322,593 466,400
Net markups 8,100
Net markdowns 16,800
Net sales 393,000


Required:
Estimate the ending inventory as of December 31, 2018.

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