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(1) Fuque 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 October 2020. COST RETAIL $ 52,000 $ 78,000 272.000 423,000 16,600 5,600 8,000 Beg. inventory, Oct. 1 Purchases Freight in Purchase returns Markups Markup cancellations Markdowns (net) Normal spoilage Sales 9,000 2,000 3,600 10,000 390,000 Require: Prepare a schedule computing estimate retail inventory using the following methods: a. Cost b. LCNRV c. FIFO d. LIFO 2 Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange. Santana Delaware Equipment (cost) $28,000 $28,000 Accumulated depreciation 19,000 10,000 Fair value of equipment 13,500 15,500 Cash given up 2,000 a). Prepare the journal entries to record the exchange on the books of both companies, assuming that the exchange lacks commercial substance. b). Prepare the journal entries to record the exchange on the books of both companies, assuming that the exchange has commercial substance