G H P B E 1 J M N O 1 Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: 2 3 Cost Retail 4 Inventory, January 1 54,205 78,000 5 Net purchases 326,000 466,000 6 Net markups 8,200 7 Net markdowns 16,700 8 Net sales 412,000 9 Normal Spoilage 2,000 10 Employee Discounts 4,000 11 12 13 Required: Estimate the ending inventory as of December 31, 2013 14 15