The following information pertains to the inventory of Hawk, Inc. during 2018.

Cost Retail

Inventory 1/1/2018 $150,000 $250,000

Net markups 60,000

Net markdowns (20,000)

Purchases 630,000 980,000

Purchase return & allowance (50,000) (80,000)

Freight-in 30,000

Abnormal Spoilage (10,000) (20,000)

Sales (640,000)

Instructions: Compute COGS for 2018 using

1. Conventional average retail method and
2. LIFO retail method.