The records of Diskount Department Stores Inc. provided the following data for 20x5: $700,000 1,700 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: At retail At cost Markdown cancellations 412,500 3,500 1.450 3,450 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 51% Estimated cost of ending Invertory Estimated cost of goods sold $ 112.333 $ 342.167 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% $ 112.333 Estimated cost of ending inventory Estimated cost of goods sold 342,167 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) Emma Gowdancing $ 65,100 $342.167 Estimated cost of goods sold 2. Which method is likely to be more accurate? Gross margin method Retail sales method