Coastal Shores Inc. (CSI) was completely destroyed by Hurricane Fred on August 5,

2013. At January 1, CSI reported an inventory of $170,000. Sales from January 1,

2013, to August 5, 2013, totaled $480,000 and purchases totaled $195,000 during

that time. CSI normally shows a gross profit percentage of 40%. The estimated

inventory loss due to Hurricane Fred would be:Hint:$77,000

Harlequin Co. has used the LIFO retail method since it began

operations in early 2015 (its base year). Its beginning inventory for 2016 was

$36,000 at cost and $72,000 at retail prices. At the end of 2016, it computed its

estimated ending inventory at retail to be $120,000. Assuming its cost-to-retail

percentage for 2016 transactions was 60%, what is the inventory balance that

Harlequin Co. would report in its 12/31/16 balance sheet?Hint:$64,800

Using the data from #13 assume Harlequin uses the dollar-value LIFO retail

method instead and that the retail price index for 2016 was 1.20.What is the

inventory balance that Harlequin would report in its 12/31/16 balance sheet?

Hint:$56,160