Estimate Retailer Co. uses the retail method of inventory for its financial reporting. Data for the end of 2016 follows: (unit: thousands dollar)

Cost Retail

Beginning inventory $ 1,200 $ 1,600

Purchases (net) 11,500 14,000

Markups (net) 600

Markdowns (net) (250)

Normal shrinkage (400)

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Goods available for sale $12,700 15

Sales to customers: $13,206

Sales to employees: $420 (net of 20% discount)

Requirements:

(* Round off the cost ratio to three decimal places below zero.)

1. Find out the ending inventory at retail:

2. Estimate the cost of ending inventory and cost of goods sold under average cost, LCNRV method:

3. Estimate the cost of ending inventory and cost of goods sold under LIFO cost:

4. Assuming that the company adopted the dollar-value LIFO on January 1, 2016 and the retail price for the item increased 7% for 2016 (i.e., retail price index = 1.07), estimate the cost of ending inventory and cost of goods sold under dollar-value LIFO retail method:

Pleasee help, I am so lost with this question.