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 54.205 $78,000 326,000 466,000 8.200 16,700 412.000 Required: Estimate the ending inventory as of December 31,2013

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