PROBLEM #2 The Lor Company sells, a ladies' fashion shop, wants to take an estimated inventory of one of its small stores. You have come up with the following facts: Sales for the month of November = $150,000 Beginning inventory (cost): $80,000; (retail) S150,000 Purchases (cost): $320,000; (retail) $350,000 Normal gross profit as a percentage of sales: 30% Required: A) Using the gross profit method of estimating inventory, determine the value of the ending inventory. SHOW YOUR WORK!! Required: B) Using the retail method of estimating inventory, determine the value of the ending inventory,. (Hint: The percentage sould change!) SHOW YOUR WORK