Columbus & Co. reported the following information for the year just ended. Sales during the period totaled $280,000. Beginning inventory was marked to sell at a retail price of $2,000; the company paid $1,000 for that merchandise. The company paid $150,000 to purchase merchandise and marked it to sell at a retail price of $300,000. Using the retail method, the estimated cost of the ending inventory is $ . (Do not input a comma.)

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To find the estimated cost of the ending inventory using the retail method First calculate th... View the full answer