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The Kelly Company maintains inventory at selling prices as well as at cost. For 2021, the records show the following: Beginning inventory: Cost= 666, Retail=1332

The Kelly Company maintains inventory at selling prices as well as at cost. For 2021, the records show the following:

Beginning inventory: Cost= 666, Retail=1332

Purchases: Cost=2025, Retail= 5000

Freight-in on Purchases: Cost= 55

Purchase Returns: Cost= 3, Retail=8

Mark Ups: Retail= 57

Mark Up Cancels: Retail= 9

Mark Downs: Retail=33

Mark Down Cancels: Retail= 6

Sales: Retail= 3333

REQUIRED: Determine ending inventory and cost of goods sold under the Retail LCM Method

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