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Question #4 (10 Points) Hope Company uses the retail inventory method. Inventory, purchases, and sales data as of August 31, 2021 are as follows: Cost

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Question #4 (10 Points) Hope Company uses the retail inventory method. Inventory, purchases, and sales data as of August 31, 2021 are as follows: Cost $ 20,000 133,800 4,000 Retail S34,000 263,600 4,500 Beginning inventory Purchases Purchases discounts Purchases returns and allowances Freight-in Net markups Net markdowns Net sales 2.500 2,000 11,000 27,000 15,000 218,000 Required: Using the retail inventory method, prepare a well-labeled schedule, to calculate the approximate lower of average cost or market value of Hope Company's ending inventory on August 31, 2021. Round your cost to retail ratio to two decimal places and your inventory amounts to whole dollars, if needed

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