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 Net markdowns Net sales Cost $ 48,000 321, 225 Estimated ending inventory at retail Estimated ending inventory at cost Retail $ 75,500 464,000 7,500 16, 200 387,000 W Required: Estimate the ending inventory as of December 31, 2024. Note: Round "Cost-to-retail percentage" to 1 decimal place. Round you answers to the nearest whole dollar amount.

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024 : Required: Estimate the ending inventory as of December 31, 2024. Note: Round "Cost-to-retail percentage" to 1 decimal place. Round you answers to the nearest whole dollar amount