Question: 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 |
| Beginning inventory |
$44,000 |
$70,000 |
| Net purchases |
157,000 |
210,000 |
| Net markups |
|
20,000 |
| Net markdowns |
|
35,000 |
| Net sales |
|
222,000 |
To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations)