Retail Method
The Maud Store of Fashion Inc uses the retail inventory method. Information relating to the
computation of inventory for 12/31/2018 is as follows:
			Cost	Retail
Beginning inventory			20,000	51,000
Purchases			100,000	255,000
Freight In		1,000
Sales		200,000
Net markups		25,000
Net markdowns		15,000
Sales returns		3,000
Purchases discounts		2,000
Sales discounts		5,000
Determine ending inventory using 1. average cost retail method and 2. lower cost or market retail method.