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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data...

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Accounting

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2018: Cost Retail Inventory, January 1 $ 43,000 $ 73,000 Purchases 320,140 462,000 Net markups 7,000 Net markdowns 15,700 Net sales 382,000

Required: Estimate the ending inventory as of December 31, 2018.

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