Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2009:
Required:
Estimate the ending inventory as of December 31, 2009.
$$\begin{array} { l c r }
& \text { Cost } & \text { Retail } \
\text { Inventory, January 1 } & \$ 53,000 & \$ 78,000 \
\text { Purchases } & 322,360 & 466,000 \
\text { Net markups } & & 8,000 \
\text { Net markdowns } & & 16,700 \
\text { Net sales } & & 392,000
\end{array}$$

Question

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2009:
Required:
Estimate the ending inventory as of December 31, 2009.
 $$\begin{array} { l c r } 
& \text { Cost } & \text { Retail } \
\text { Inventory, January 1 } & \$ 53,000 & \$ 78,000 \
\text { Purchases } & 322,360 & 466,000 \
\text { Net markups } & & 8,000 \
\text { Net markdowns } & & 16,700 \
\text { Net sales } & & 392,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2009:
Required:
Estimate the ending inventory as of December 31, 2009.
 $$\begin{array} { l c r } 
& \text { Cost } & \text { Retail } \
\text { Inventory, January 1 } & \$ 53,000 & \$ 78,000 \
\text { Purchases } & 322,360 & 466,000 \
\text { Net markups } & & 8,000 \
\text { Net markdowns } & & 16,700 \
\text { Net sales } & & 392,000
\end{array}$$

Billingsly Products Uses the Conventional Retail Method to Estimate Its