LeMay Department Store started business January 1, 2019 and uses the retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2020:

Cost Retail

Beginning inventory $ 96,000 $160,000

Purchases 645,000 855,000

Purchase discount (20,000)

Freight-in 5,000

Net markups 10,000

Net markdowns 25,000

Net sales 760,000

Normal spoilage 10,000

Employee discounts 5,000

Required:

Calculate the retail value of LeMay Department store ending inventory.

Assuming that LeMay Department Store uses conventional retail method, calculate the cost of ending inventory and cost of goods sold.

Assuming that LeMay Department Store uses LIFO retail method, calculate the cost of ending inventory and cost of goods sold.