Brief Exercise 9-8

Boyne Inc. had beginning inventory of $13,300 at cost and $28,900 at retail. Net purchases were $155,790 at cost and $187,200 at retail. Net markups were $12,400; net markdowns were $7,200; and sales revenue was $156,900. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)