MC Qu. 11 Applying the average cost retail inventory...

The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2018:

	Cost			Retail
Inventory 1/1/2018	$	390,000		$	650,000
Net purchases for the year		1,402,000			1,835,000
Net markups					75,000
Net markdowns					45,000
Net sales					1,845,000

Applying the average cost retail inventory method, Toso's inventory at December 31, 2018, is estimated at:

Multiple Choice

$477,392

$469,000

$395,159

$405,035