Curtis Company must estimate its ending inventory and has the following information
available from the most recent accounting period:
				Cost		Retail
	Jan 1 Inventory			$ 85,000		$ 160,250
	Net Cost of Goods Purchased			493,000		689,750
	Sales					689,000
	Sales Returns					24,000
a. Compute the December 31 inventory for Curtis using the retail method.
b. Compute the December 31 inventory for Curtis Company using the gross profit method
The gross profit rate has historically been 35% of net sales