1.

Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

	Cost	Retail
Beginning inventory	$44,000	$70,000
Net purchases	157,000	210,000
Net markups		20,000
Net markdowns		35,000
Net sales		222,000

To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations):

$29,000.

$32,000.

$28,000.

$34,000.