Question: COVID Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021: Inventory, January

COVID Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021: Inventory, January 1 Purchases Cost Retail $ 80,000 $126,000 166,000 243,000 9,100 8,300 Net markups Net markdowns Normal spoilage Employee discounts 13,200 15,500 238,000 Net sales Required: (SHOW YOUR WORKING. You can upload your working for this question via the provided link/button) Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts Paragraph

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