1. JC Penney Company uses Retail Inventory method and provided the following information: Cost Retail Beginning Inventory $30,000 $50,000 __________________________________________________________ Net Purchases $200,000 $500,000 Net Mark-up 40,000 Net Mark-down $25,000 Sales $400,000 Required: Determine the cost of ending inventory using each of the Following methods: a) Retail average cost method b) Retail Lower of cost or market (conventional method) c) Retail LIFO 2. The Retail Inventory Company provides the following information and requested you to determine the ending inventory of the company using a) retail average cost method b) retail conventional method and c) Retail LIFO Method. The beginning merchandize inventory is $200,000 and its retail price is $500,000. There were purchases amounting to $800,000 and purchase returns of $100,000. The retail value of the net purchases is $1,000,000. There was a markup of $250,000, and a markup cancellation of $50,000. In addition, there was a markdown of $60,000 and a markdown cancellation of $10,000. There was a reported sales of $900,000. 3. The following information is available for Conservative Chair Manufacturing Company. LCM Number of units Cost per unit Market 100 $10 $15 200 $14 $12 300 $13 $16 150 $20 $15 a) Using the individual item approach, determine the ending inventory under the lower of cost or net realizable value approach. b) Assuming the company uses the aggregate method, determine the ending inventory using the lower of cost or market (conventional) approach. Aggregate (i.e., total) cost compared to Aggregate (i.e., total) market and select the lower of the two aggregates

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