Exercise 5-16B Estimating ending inventory-retail method LO P4

In 2017, Dakota Company had net sales (at retail) of $134,000.

	At Cost				At Retail
Beginning inventory		$	32,300			$	64,600
Cost of goods purchased			64,106				98,800

The above additional information is available from its records at the end of 2017. Use the retail inventory method to estimate Dakota's 2017 ending inventory at cost. (Round cost ratio to the nearest whole percentage.)

	At Cost	Cost-to-Retail Ratio	At Retail
Beginning inventory	$32,300		$64,600
Cost of goods purchased	64,106		98,800
Cost of goods available for sale	$96,406		$163,400
Net sales at retail
Ending inventory