Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail Inventory, January 1 $ 53 , 000 $ 78, 000 Purchases 322, 360 466 , 000 Net markups 8, 000 Net markdowns 16, 700 Net sales 392 , 000 Required: Estimate the ending inventory as of December 31, 2021. Estimated ending inventory at retail Estimated ending inventory at cost