The Ivory Tower Bookstore recently received a shipment of accounting textbooks from the publisher. Following the receipt of the shipment, the FASB issued a major new accounting standard that related directly to the contents of one chapter of the text. Portions of this chapter became €œobsolete€ immediately as a result of the FASB€™s action. In order to sell the books, the bookstore marked down the selling price and offered a separate supplement covering the new standard, which was provided at no cost by the publisher. Information relating to the cost and selling price of the text for the month of September is given below:

Based on the data given, compute the estimated inventory at the end of the month using the retail inventory method and assuming:
1. Lower-of-cost-or-market valuation
2. Average costvaluation

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Cost Retail Beginning inventory Purchases Freight-in. $1,500 1,800 33.760 24,000 1,100 .... 2.100 27,500 Sales