What is the estimated inventory at december

Reference no: EM131969319

Problem

The Rebecca Company provided the following data for its December 31, 2016, inventory maintained on the retail basis.

	At Cost	At Retail
Beginning inventory	$165,000	$225,000
Purchases	275,000	446,000
Markups (net)		45,750
Markdowns (net)		(32,000)
Sales		575,000

What is the estimated inventory at December 31, 2016, valued at lower of average cost or market?

Reference no: EM131969319

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