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8. Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2011: Cost Retail

8. Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2011:

Cost Retail

Inventory, January 1 53,000 78000

Purchases 322,360 466,000

Net markups 8,000

Net markdowns 16,700

Net Sales 392,000

Estimate the ending inventory as of December 31, 2011.

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