Problem 6 (16 pts) LeMay Department Store started business January 1, 2019 and uses the retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2020: Cost Retail Beginning inventory $120.000 $150,000 Purchases 526,500 845,000 Purchase discount (20,000) Freight-in 3,500 Net markups 5,000 Net markdowns (14,000) Net sales 750,000 Normal spoilage 10,000 Employee discounts 2,000 Required: 1 Calculate the retail value of LeMay Department store ending inventory. Assuming.that LeMay Department Store uses conventional retail method, calculate the cost of ending inventory and cost of goods sold. Assuming that LeMay Department Store uses LIFO retail method, calculate the cost of ending inventory and cost of goods sold