fari File Edit View History Bookmarks Window Help $ 4 75% Tue 6:34 PM Az . . D v2.cengagenow.com Point University Chapter 8 Assignment CengageNOWv2 | Online teaching and learning Chapter 8 Book Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Cost Retail Cost Retail Inventory, January 1 $28,000 $44,000 Additional markups $36,800 Purchases (gross price) 140,000 200,000 Markup cancellations 7,360 Purchases discounts taken 3,000 Markdowns 14,000 Purchases returns 5,000 3,000 Markdown cancellations 2,100 Freight-in 20,000 Net Sales 180,000 Employee discounts 3,000 Required: 1. Compute the cost of the ending inventory under each of the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If required, round to t TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method FIFO For the year 2019 Cost Retail Purchases v Less: Purchases discounts taken v Less: Purchases returns v Freight-in v Net additional markups v Net markdowns Check My Work 6 more Check My Work uses remaining ssignment Score: 61.71% Save and Exit Sub