Question: 7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013:

7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: Cost Retail Inventory, January 1 Purchases Net markups Net markdowns Net sales S 54,205 78.000 26.000 466,000 8,200 16,700 412.000 Required: Estimate the ending inventory as of December 31, 2013

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