At December 31, the following information is available from Palo Companys accounting records. If sales are $663,600 and markdowns total $8,400, compute estimated inventory at December 31 using the conventional retail method.

	Cost	Retail
Inventory January 1	$88,200	$121,800
Purchases	499,800	693,000
Net markups	-	25,200
Available for sale	$588,000	$840,000

Note: Use negative signs as appropriate in the following schedule.

	Cost	Retail
Goods available for sale:
Beginning inventory	Answer	Answer
Net purchases	Answer	Answer
Net markups	Answer	Answer
Net markdowns	Answer	Answer
Total goods available for sale	Answer	Answer
Net sales		Answer
Net markups		Answer
Net markdowns		Answer
Estimated ending inventory at retail		Answer

Cost Ratio
Numerator	/	Denominator	=	Result
Answer	/	Answer	=

Note: Use the result above EXACTLY as shown to compute the following amount. Estimated ending inventory at cost: $Answer