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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 2024: Inventory, January

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Inventory, January 1 Purchases Net markups =6 Net markdowns Cost Retail $ 53,000 322,360 $ 78,000 466,000 8,000 16,700 392,000 Net sales Required: Estimate the ending inventory as of December 31, 2024. Estimated ending inventory at retail Estimated ending inventory at cost 13

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