Use the following information (in alphabetical order) to estimate the cost of ending inventory using the conventional retail method.

NOTE: Use a percentage rounded to 2 places after the decimal (e.g., 12.25%).

Cost Retail

Beginning inventory $ 78,000 $122,000

Freight-in 5,000

Markdown cancellations 10,000

Markdowns 30,000

Markup cancellations 2,000

Markups 15,000

Purchases 295,000 415,000

Sales 390,000

Estimated cost of ending inventory: $___________________