Lemax Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of August 2018. Inventory, August 1, 2018 At cost $ 91,000 At retail $136,000 Purchases (exclusive of freight and returns) At cost $185,000 At retail $261,000 Freight-in 21,600 Purchase returns At cost $9,200 At retail $12,400 Markups $9,000 Markup cancellations $3,000 Markdowns (net) $16,600 Normal spoilage and breakage at retail $6,000 Sales $310,000 a. Use the average cost retail method to estimate ending inventory and Cost of Goods Sold. b. Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or- market inventory and Cost of Goods Sold for August 31, 2018. c. Finally, prepare Lemax's inventory using the LIFO retail method.