The records of Diskount Department Stores Inc. provided the following data for 20x5: $700,000 1700 8,000 4,500 6,000 750,000 Sales (gross) Sales returns Additional markups Additional markup cancellations Markdowns Purchases At retail At cost Purchase returns At retail At cost Freight on purchases Beginning inventory Atra At cost Markdown cancellations 412,500 3,500 1.450 3450 70,000 40,000 1,900 Required: 1. Estimate the valuation of the ending inventory and cost of goods sold using the gross margin method. Last year's gross margin percentage was 57% Escoot of ending inventory Required: 1. Estimate the valuation of the ending inventory and cost of goods sold using the gross margin method. Last year's gross margin percentage was 51% Estimated cost of ending inventory Estimated cost of goods sold 2. Estimate the valuation of the ending inventory and cost of goods sold using the retail sales method, which approximates lower-of- cost-or-NRV valuation (Round "Cost ratio to the nearest whole percentage) Estimated cost of ending inventory Ecome tout of goods sold 2. which method is wely to be more accurate? Gross margin method Res method