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At December 31, 2020, the following information is available from Burnett Company's accounting records. If sales are $506,000 and markdowns total $3,600, compute estimated inventory

At December 31, 2020, the following information is available from Burnett Company's accounting records. If sales are $506,000 and markdowns total $3,600, compute estimated inventory at the end of 2020 using the conventional retail method.

CostRetailInventory, January 1, 2020$57,600$96,350Purchases327,480529,750Net markups15,700Available for sale$385,080$641,800

Calculate the ending inventory at cost

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