Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2019 is available: Cost Retail Cost Retail Inventory, January 1 $100,000 $180,000 Markup cancellations - $ 12,000 Purchases (gross price) 320,000 600,000 Markdowns - 15,000 Purchases discounts taken 6,000 - Markdown cancellations - 4,000 Freight-in 16,000 - Net Sales 580,000 Additional markups - 60,000 Required: 1. Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar. EKC COMPANY Calculation of ending inventory by retail inventory method FIFO For the year 2019 Ending inventory at retail Ending inventory at cost 2. Compute the cost of the ending inventory under the average cost method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar. EKC COMPANY Calculation of ending inventory by retail inventory method Average Cost For the year 2019 Cost Retail Ending inventory at retail Ending inventory at cost 3. Compute the cost of the ending inventory under the LIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar. EKC COMPANY Calculation of ending inventory by retail inventory method LIFO For the year 2019 Ending inventory at retail Ending inventory at cost 4. Compute the cost of the ending inventory under the lower of cost or market method (based on average cost). Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar. EKC COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market (based on average cost) For the year 2019 Cost Retail Ending inventory at retail Ending inventory at cost