Key Largo Boat Company uses the conventional retail method to estimate ending inventories. The following data has been summarized for the year ended December 31, 2021:

	Cost	Retail
Inventory, January 1	$158,500	$237,600
Purchases	299,800	441,300
Purchase returns	6,400	9,300
Net markups		18,200
Net markdowns		16,600
Employee discounts		77,700
Sales		424,800
Sales returns		32,000

Instructions

Estimate the cost of ending inventory applying the conventional retail method.