Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Cost Retail Cost Retail Inventory, January 1 $28,000 $44,000 Additional markups $34,800 Purchases (gross price) 130,000 190,000 Markup cancellations 6,960 Purchases discounts taken 3,000 Markdowns 15,000 Purchases returns 6,000 9,000 Markdown cancellations 2,250 Freight-in 20,000 Net Sales 190,000 Employee discounts 3,000 Required: Question Content Area 1. Compute the cost of the ending inventory under each of the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar. TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method FIFO For the year 2019 Cost Retail $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - $fill in the blank d7fa53ff402aff9_15 $fill in the blank d7fa53ff402aff9_16 - Select - - Select - $- Select - $- Select - - Select - - Select - Ending inventory at retail $fill in the blank d7fa53ff402aff9_27 Ending inventory at cost $fill in the blank d7fa53ff402aff9_28 Question Content Area 2. Compute the cost of the ending inventory under each of the following cost flow assumption: Average cost. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar. TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method Average Cost For the year 2019 Cost Retail $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - $- Select - - Select - - Select - Ending inventory at retail $fill in the blank 75ba0602bfffff6_23 Ending inventory at cost $fill in the blank 75ba0602bfffff6_24 Question Content Area 3. Compute the cost of the ending inventory under each of the following cost flow assumption: LIFO. Use the given beginning inventory cost in your ending inventory cost at LIFO calculation to avoid a rounding error. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar. TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method LIFO For the year 2019 Cost Retail $- Select - $- Select - $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - $fill in the blank 93955f010057058_18 $fill in the blank 93955f010057058_19 $- Select - $- Select - - Select - Ending inventory at retail $fill in the blank 93955f010057058_25 Ending inventory at cost $fill in the blank 93955f010057058_26 Question Content Area 4. Compute the cost of the ending inventory under each of the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar. TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method Lower of Cost or Market (based on average cost) For the year 2019 Cost Retail $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - $fill in the blank 44ea61fa3fab04a_16 $fill in the blank 44ea61fa3fab04a_17 - Select - - Select - Ending inventory at retail $fill in the blank 44ea61fa3fab04a_22 Ending inventory at LCM $fill in the blank 44ea61fa3fab04a_23