On January 1, 2021, Smedley Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning Inventory Freight-in Net markdowns Net markups Net sales to customers Normal spoilage Purchases Purchase returns Sales to employees (net of 30% discount) Price Indexes Note: . . January 1, 2021 December 31, 2021 December 31, 2022 . 1.00 1.02 1.07 2021 Cost Retail $120,000 $160,000 9,400 $40,000 4,400 2022 Cost $11,000 3,000 12,000 680,000 7,000 750,000 582,000 6,070 6.100 21,000 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the average cost retail method. 3. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the conventional retail method. Retail $9,000 11,000 740.000 8,300 856,000 8,300 24,500 Clearly identify (#1, #2, and #3) which answer you are providing. When calculating percentages, carry out to 4 digits (e.g., 31.62%, not rounded to 32%) Clearly show your work and identify your answer. If you just provide an answer for ending inventory and cost of goods sold without work to support those answers, you will receive no credit. You are not required to use Excel or Word or any software package for your answer. You may choose to do the assignment using pencil and paper. However, you choose to provide an answer, it must be neat and clearly labeled and easy to follow. This is not an exam where you are rushed to provide an answer, so presentation matters. 91% Give Feedbac