Cornhusker Can Co

Cornhusker Can Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2009:
Required:
Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts.
$$\begin{array} { l c r } & \text { Cost } & \text { Retail } \\\text { Inventory, January 1 } & \$ 80,000 & \$ 126,000 \\\text { Purchases } & 166,000 & 244,000 \\\text { Net markups } & & 9,100 \\\text { Net markdowns } & & 8,200 \\\text { Normal spoilage } & & 13,200 \\\text { Employee discounts } & & 15,600 \\\text { Net sales } & & 238,000\end{array}$$