Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail cost of $37,080.00. During the year, Garrison purchased an inventory with a retail sales value of $733,258.00. After performing a physical inventory, Garrison calculated the inventory at retail to be $58,709.00. The markup is 100% of cost.
Determine the ending inventory at its estimated cost.
$355,814.50
$7,725.50
$58,709.00
$29,354.50