Question: Trask Inc. uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail

Trask Inc. uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021:

Cost

Retail

Inventory, January 1

$ 54,205

$ 78,000

Purchases

326,000

466,000

Net markups

8,200

Net markdowns

16,700

Net sales

412,000

Required: Estimate the ending inventory and cost of goods sold as of December 31, 2021. SHOW YOUR WORK.

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