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Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Retail Beginning
Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: |
Cost | Retail | |
Beginning inventory | $43,000 | $67,000 |
Net purchases | 152,000 | 211,000 |
Net markups | 22,000 | |
Net markdowns | 38,000 | |
Net sales | 222,000 |
To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations): |
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