Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2018: 
Required:
Estimate the ending inventory as of December 31, 2018.
Definitions:
Downward-Sloping Demand
A market condition where the demand for a product decreases as the price increases, illustrated by a downward curve on a graph.
Gasoline Demanded
The quantity of gasoline consumers are willing and able to buy at different prices, influenced by factors such as income levels, prices of substitutes, and consumer preferences.
Hugo Chávez
Former President of Venezuela who served from 1999 until his death in 2013, known for his socialist policies, charismatic leadership, and efforts to reduce poverty in Venezuela.
Price Ceiling
A legally imposed maximum price on goods or services, intended to prevent prices from rising above a certain level.
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