Cobb Company records show the following information for 2010:
|
Cost |
Retail |
|
|
Sales |
$350,400 |
|
|
Purchases |
$2/0,000 |
420,000 |
|
Transportation-in |
26,280 |
— |
|
Merchandise inventory, 1/1/2014 |
12,000 |
1/,400 |
|
Purchase returns |
15,120 |
18,600 |
Compute the estimated year-end inventory balance at cost using the retail method of estimating inventory.