1) ABC Corp. had the following inventory transactions for the month of December 20X5:

Date	Transaction type	Amount (units)	Price per unit
Dec. 1	Opening balance	400	$5.12
Dec. 3	Purchase	1,100	$5.23
Dec. 15	Purchase	900	$5.48
Dec. 22	Purchase	250	$5.66
Dec. 2	Sale	300	$6.50
Dec. 6	Sale	800	$6.50
Dec. 18	Sale	700	$8.00
Dec. 25	Sale	150	$8.00

What is the value of the inventory held by ABC as at December 31, 20X5, if the company values its inventory using the weighted average cost formula and uses a perpetual inventory system? Round all calculations to two significant decimal places, for example, $5.66

2) Rocketfire Corp. uses the retail method to estimate its closing inventory. Extracts from the companys records follow:

	At cost	At retail
Net sales		$715,000
Beginning inventory	$ 70,000	143,000
Purchases	365,000	745,000
Purchase returns	22,000	43,000
Additional markups		24,000
Markup cancellations		5,000
Markdowns		11,000
Markdown cancellations		3,000

What amount should Rocketfire report on its financial statements as ending inventory estimated using the retail method? Round your cost ratio calculation to four decimal places, for example, 24.76%.