Problem (10 points). As of January 1, 20X3, Lavender's Dress Shop installed the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 20X3, you obtain the attached data. REQUIRED: (1) Prepare schedules to compute Lavender's June 30, 20X3 inventory under the following assumptions. Round the calculations for the cost ratios to four decimal places (two decimal places for the percentage). (a) Average cost, non LCM. (b) FIFO, LCM Ignoring your solution to (1) above, assume that the June 30, 20X3 inventory is $60,500 at retail using FIFO, non LCM and the ratio of cost to retail is 73%. The general price level has increased from 104 at January 1, 20X3, to 110 at June 30, 20X3. Prepare a schedule to compute the June 30, 20X3 inventory using the dollar value LIFO retail method. (2) LAVENDER'S DRESS SHOP RETAIL INVENTORY DATA FOR PERIOD ENDING JUNE 30, 20X3 Cost Inventory, January 1 $ 30,000 $ Additional Markdowns Additional Markups Additional Markdown Cancellations Additional Markup Cancellations Purchases 116,800 Sales Purchases Returns and Allowances 2.800 Employee Discounts Granted Freight In 4,200 Sales Returns and Allowances Purchase Discounts 8,400 Retail 40,000 10,500 9.200 6,500 3,200 158,000 144,000 4,000 1,000 8,500