PROBLEM 3: BLAZE COMPANY For the current year, Blaze Company provided the following inventory data in connection with the use of retail inventory method: Retail Beginning inventory 835,200 1,392,000 Purchases 6,864,000 10,542,000 Net Markup 63,000 Net Markdown 45,000 Sales 10,260,000 Cost Required: Demonstrate on how to determine the estimated cost of inventory as of December 31 of the current year applying the following retail approaches 1. Conservative retail approach 2. Average cost approach 3. FIFO retail approach (Round off the computed cost ratio to 3-decimal places)