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[Accounting Help] Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2016: (10

[Accounting Help]

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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2016: (10 points) Cost Retail Inventory, January 1 $ 53,000 $ 78,000 Purchases 322,360 466,000 Net markups 8,000 Net markdowns 16,300 Net sales 392,000 Required: Estimate the ending inventory as of December 31, 2016

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