Freyman's Shoe Store Had Net Retail Sales of $200,000 During

Essay

Freyman's Shoe Store had net retail sales of $200,000 during the current year. The following additional information was obtained from the accounting records.
$\begin{array}{lrr} & \text { At Cost } & \text { At Retail } \\\text { Beginning inventory } & \$ 30,000 & \$ 63,000 \\\text { Net purchases for the period } & 89,000 & 193,000 \\\text { Freight-in } & 9,000 &\end{array}$ Estimate the company's ending inventory at cost using the retail method. (Show your work.)