JC Penney Company uses Retail Inventory method and provided the following information: Cost Retail Beginning Inventory $30,000 $50,000 __________________________________________________________ Net Purchases $200,000 $500,000 Net Mark-up 40,000 Net Mark-down $25,000 Sales $400,000 Required: Determine the cost of ending inventory using each of the Following methods: a) Retail average cost method b) Retail Lower of cost or market (conventional method) c) Retail LIFO 2. The Retail Inventory Company