Question: Problem 8 Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year

Problem 8 Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2016: Cost Retail Inventory, January 1 $54,205 Purchases Net markups Net markdowns Net sales 78,000 26,000 466,000 8,200 6,700 412,000 Required Estimate the ending inventory as of December 31, 2016

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