Retailing Company had the following information related to its retail operations for the year ending cember 31,203. EQUIRED: (1) Prepare a schedule to calculate the value of the ending inventory at retail. (2) Calculate the cost ratio, value of the ending inventory, the cost of goods sold, and the gross profit using the following retail inventory costing methods. Round all cost ratios to four decimal places and all dollar amounts to the nearest whole dollar. (a) FIFO, non LCM. (b) Average cost, non LCM. (c) FIFO, LCM. (d) Average cost, LCM. REO RETAILING COMPANY CALCULATIONS FOR RETAIL INVENTORY METHOD--FIFO, NON LCM FOR YEAR ENDING DECEMBER 31, 20X3 Cost Ratio = (Total Cost of Goods Available For Sale at Cost - Beginning Inventory at Cost) / (Total Cost of Goods Available For Sale at Retail Including Net Markups and Net Markdowns - Beginning Inventory at Retail) Calculation of Cost Ratio, FIFO, Non LCM Cost Ratio Numerator Divided By Cost Ratio Denominator Cost Ratio Calculation of Ending Inventory at Cost, FIFO, Non LCM Ending Inventory at Retail Times Cost Ratio Ending Inventory at Cost Calculation of Cost of Goods Sold, FIFO, Non LCM Cost of Goods Available For Sale Ending Inventory at Cost Cost of Goods Sold Calculation of Gross Profit, FIFO, Non LCM Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit REO RETAILING COMPANY CALCULATIONS FOR RETAIL INVENTORY METHOD-AVERAGE COST, NON LCM FOR YEAR ENDING DECEMBER 31, 20X3 Cost Ratio =( Total Cost of Goods Available For Sale at Cost / Total Cost of Goods Available For Sale at Retail Including Net Markups and Net Markdowns) Calculation of Cost Ratio, Average Cost, Non LCM Cost Ratio Numerator Divided By Cost Ratio Denominator Cost Ratio Calculation of Ending Inventory at Cost, Average Cost, Non LCM Ending Inventory at Retail Times Cost Ratio Ending Inventory at Cost Calculation of Cost of Goods Sold, Average Cost, Non LCM Cost of Goods Available For Sale Ending Inventory at Cost Cost of Goods Sold Calculation of Gross Profit, Average Cost, Non LCM Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit CALCULATIONS FOR RETAIL INVENTORY METHOD-FIFO, LCM FOR YEAR ENDING DECEMBER 31, 203 Cost Ratio =( Total Cost of Goods Available For Sale at Cost - Beginning Inventory at Cost )/ (Total Cost of Goods Available For Sale at Retail Including Net Markups Only - Beginning Inventory at Retail) Calculation of Cost Ratio, FIFO, LCM Cost Ratio Numerator Divided By Cost Ratio Denominator Cost Ratio Calculation of Ending Inventory at Cost, FIFO, LCM Ending Inventory at Retail Times Cost Ratio Ending Inventory at Cost Calculation of Cost of Goods Sold, FIFO, LCM Cost of Goods Available For Sale Ending Inventory at Cost Cost of Goods Sold Calculation of Gross Profit, FIFO, LCM Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit FOR YEAR ENDING DECEMBER 31,203 Cost Ratio =( Total Cost of Goods Available For Sale at Cost / Total Cost of Goods Available For Sale at Retail Including Net Markups Only) Calculation of Cost Ratio, Average Cost, LCM Cost Ratio Numerator Divided By Cost Ratio Denominator Cost Ratio Calculation of Ending Inventory at Cost, Average Cost, LCM Ending Inventory at Retail Times Cost Ratio Ending Inventory at Cost Calculation of Cost of Goods Sold, Average Cost, LCM Cost of Goods Available For Sale Ending Inventory at Cost Cost of Goods Sold Calculation of Gross Profit, Average Cost, LCM Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit