The records of Lin Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,150 Purchases during May, at retail, $42,900; at cost, $31.550 Freight-in, $2,000; purchase discounts, $500 Additional mark-ups. $3,800: mark-up cancellations, $400; net markdowns, $1,300 Sales during May, $46,700 38) How much is the estimated inventory at May 31 under the conventional retail inventory method? 39) How much is the estimated inventory at May 31 under the gross profit method? O. On January 1, 2007, Binmaley Corporation changed to the average method from first in, first out (FIFO) method. The cumulative effect of this change is impracticable to determine. Accordingly, the ending of 2006 for which the FIFO method was used is also the beginning inventory for 2007 for the average method. The following information was available from inventory records for the two most recent years: TIK TAK Units Unit Cost Unita Unit Cost 2006 Purchases First quarter 15,000 40 66,000 20 Second quarter 36.000 45 Third quarter Fourth quarter 51,000 54 50 55,500 25 30,000 60 2007 Purchases First quarter 9,000 70 105,000 30 Second quarter 36,000 75 Third quarter 60,000 80 Fourth quarter 91,500 35 Units on bund December 31, 2006 45,000 December 31, 2007 48,000 Based on the above, answer the following: 43,500- 60,000- 40) What is the total inventory as of December 31, 2006) 41) What is the inventory of TIK as of December 31, 20022 42) What is the inventory of TAK as of December 31, 2017? 43) By how much did not income for the year ended December decrease because of the change from FIFO to average method