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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 58,000 323,545 Estimated ending inventory at retail Estimated ending inventory at cost Retail $80,500 468,000 8,500 17,200 397,000 Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to 1 decimal place.)

Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 58,000 323,545 Estimated ending inventory at retail Estimated ending inventory at cost Retail $80,500 468,000 8,500 17,200 397,000 Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to 1 decimal place.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 58,000 323,545 Estimated ending inventory at retail Estimated ending inventory at cost Retail. $ 80,500 468,000 8,500 17,200 397,000 Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to 1 decimal place.)
Transcribed Image Text:Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 58,000 323,545 Estimated ending inventory at retail Estimated ending inventory at cost Retail. $ 80,500 468,000 8,500 17,200 397,000 Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to 1 decimal place.)
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