The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2018:
Cost Retail
Inventory 1/1/2018 $ 390,000 $ 650,000
Net purchases for the year 1,402,000 1,835,000
Net markups 75,000
Net markdowns 45,000
Net sales 1,845,000
Applying the average cost retail inventory method, Toso's inventory at December 31, 2018, is estimated at:
a. $477,392
b. $469,000
c. 395,159
d. $405,035
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