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:(46,000; 63,000)
net purchases:(154,000; 215,000)
net markups: (0; 22,000)
net markdowns: (0; 35,000)
net sales: (0; 220,000)
To the nearest thousand, estimated ending inventory using the conventional retail method is:
A. $37,000.
B. $32,000.
C. $34,000.
D. $30,000.
Answer: D. $30,000.
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