Jayne's Department Store Had Net Retail Sales of $310,000 During

Essay

Jayne's Department Store had net retail sales of $310,000 during the current year.The following additional information was obtained from the accounting records.
$\begin{array}{lrr}&\text {At Cost}&\text {At Retail}\\\text { Beginning inventory } & \$ 55,000 & \$ 95,000 \\\text { Net purchases for the period } & 169,000 & 290,000 \\\text { Freight-in } & 7,000 &\end{array}$ Estimate the company's ending inventory at cost using the retail method.(Show your work.)