The records of Diskount Department Stores Inc. provided the following data for 20X5: Sales (gross) Sales returns Additional markups Additional markup cancellations Markdowns Purchases: $800,000 2,000 9,000 5,000 7,000 850,000 459,500 At retail At cost Purchase returns: At retail At cost Freight on purchases Beginning inventory: At retail At cost Markdown cancellations 4,000 2,200 7,000 80,000 45,000 3,000 Required (12 Marks): 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%. 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. 1. 2