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