PART 1

Marigold Inc. had beginning inventory of $13,455 at cost and $20,700 at retail. Net purchases were $123,541 at cost and $164,500 at retail. Net markups were $9,600, net markdowns were $6,700, and sales revenue was $133,000. Compute ending inventory at cost using the LIFO retail method.

PART 2

Marigold Inc. had beginning inventory of $12,411 at cost and $19,700 at retail. Net purchases were $99,730 at cost and $153,700 at retail. Net markups were $10,500, net markdowns were $6,400, and sales revenue was $149,700. Assume the price level increased from 100 at the beginning of the year to 105 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method.