Use the following information for the next two (2) questions: The records of Akon Company report the following data for the month of April: Cost Retail Beginning inventory, 240,000 500,000 Purchases 800,000 1,540,000 Freight-in 70,000 Purchase returns 15,000 28,800 Purchase discount 25,000 Transfer in cost 110,000 215,600 Transfer out costs 60,000 117,600 Freight-out 35,000 Mark ups 280,000 Mark up cancellations 90,000 Markdowns 105,000 Markdown cancellations 40,000 Sales 1,200,000 Sales returns 55,800 Sales discount 20,000 Employee discounts 150,000 Losses due to shrinkage 80,000 2) The estimated inventory at cost under the average retail method is A. 418,928 B. 420,631 C. 431,116 D. 436,397 3) The cost of sales under the FIFO retail method is A. 683,603 B. 688,884 C. 699,369 D. 701,072