Assume in each case that the selling expenses are s8 per unit and that the normal profit is ss per unit. Then enter the amount that should be used for lower of cost or market Calculate the limits for each case elling 0) Exercise 5 (PLEASE ANSWER IN BOOKLETD PLEASE SHOW WORK FOR PARTIAL CREDIT Gross Profit Method. (10 points) On December 31, 2018, all of the Felt Company's inventory burned. Sales and purchases for the year respectively. The beginning inventory (Jan. 1, 2018) was $170,000, in the past Felts gross profit has averaged Instructions Compute the estimated cost of inventory burned Exercise 6 (PLEASE ANSWER IN BOOKLED PLEASE SHOW WORK FOR PARTIAL CREDIT Retail inventory method. (Conventional Method) (1 points) When you undertook the preparation of the financial statements for Telfer Company at January 31, 2018, the following data wer available: Inventory, February 1, 2017 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales retums and allowances $70,800 $ 98,500 35,000 63,000 20,000 10,000 219,500 294,000 335,000 4,300 5,500 10,000 Instructions Compute the ending inventory at cost as of January 31, 2018, using the retail method (Conventional Method), which appro lower of cost or market. Your solution should be in good form with amounts clearly labeled. of the State University of New Yor ew York is administered by