Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Retail $ 35,000 $ 70,000 Beginning inventory Net purchases Net markups 157,000 206,000 24,000 Net markdowns 27,000 223,000 Net sales To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.) Multiple Choice O $20,000. $34,000. $32,000.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.