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The following information is available from TJ Foods Inc. for the year ended December 31, 2019: At Cost At Retail Sales 100000 Purchases 48000 90000

The following information is available from TJ Foods Inc. for the year ended December 31, 2019: At Cost At Retail

Sales 100000

Purchases 48000 90000

Inventory January 1, 2019 24000 54000

Net Additional Markups 12000

Net Markdowns 6000

Required

a)What is the inventory cost on December 31, 2019 under the average cost retail method (Non LCM)?

b) What is the inventory cost on December 31, 2019 under the retail method on FIFO basis, LCM?

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