McCartney Manufacturing Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2016: Required: Estimate the ending inventory as of December 31, 2016 under each of the following methods: a. average cost retail method

b. conventional retail (Lower of cost or NRV)

c. LIFO retail

Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost Retail 54,205 78,000 326,000 66,000 8,200 16,700 412,000