The Mary Company provided the following data for its December 31, 2010, inventory maintained on the retail basis. $\begin{array}{lll}&\text { At Cost }&\text { At Retail }\
\text { Beginning inventory } & \$ 120,000 & \$ 224,000 \
\text { Purchases } & 280,000 & 396,000 \
\text { Markups (net) } & & 20,000 \
\text { Markdowns (net) } & & (40,000) \
\text { Sales } & & 520,000
\end{array}$ What is the estimated inventory at December 31, 2010, valued at lower of average cost or market?

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The Answer of The Mary Company provided the following data for its December 31, 2010, inventory maintained on the retail basis. $\begin{array}{lll}&\text { At Cost }&\text { At Retail }\
\text { Beginning inventory } & \$ 120,000 & \$ 224,000 \
\text { Purchases } & 280,000 & 396,000 \
\text { Markups (net) } & & 20,000 \
\text { Markdowns (net) } & & (40,000) \
\text { Sales } & & 520,000
\end{array}$ What is the estimated inventory at December 31, 2010, valued at lower of average cost or market?

The Mary Company Provided the Following Data for Its December