The Bono Company uses the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available in Bono's accounting records:

Cost Retail

Beginning Inventory: 18,000 22,0000

Net Purchases: 78,200 123,800

Net Markups 16,000

Net Markdowns 12,400

Net Sales 107,900

Required:

1. Estimate Bono's ending inventory and cost of goods sold for the year using the average cost retail method

2. Estimate Bono's ending inventory and cost of goods sold for the year using the conventional retail method

3. Estimate Bono's ending inventory and cost of goods sold for the year using the LIFO retail method