Cornhusker Can Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2018: 
Required:
Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts.
Definitions:
Elastic
Describes a situation in which the demand or supply of a product is sensitive to changes in price, meaning a small change in price leads to a large change in the quantity demanded or supplied.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good supplied.
Demand Curve
A graphical representation showing the inverse relationship between the price of a good or service and the quantity demanded by consumers.
Demand
The desire and ability of consumers to purchase goods and services at given price levels.
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