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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 | $44,000 | $70,000 |
Net purchases | 157,000 | 210,000 |
Net markups | 20,000 | |
Net markdowns | 35,000 | |
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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