Question: The following data has been summarized for the year ended December 31, 2021: Cost Retail Inventory, January 1 $ 88,000 $ 132,000 Purchases 163,000 240,000

The following data has been summarized for the year ended December 31, 2021: Cost Retail Inventory, January 1 $ 88,000 $ 132,000 Purchases 163,000 240,000 Net markups 10,100 Net markdowns 9,200 Normal spoilage 43,200 Net sales 213,000 Required: Estimate the cost of ending inventory applying the conventional retail method.

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