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1. Firm C uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. Assume a retail price index of 1.1 for 2021. The following data are available for calendar year end 2021:

	Cost	Retail
Beginning inventory	35,750	65,000
Net purchases	25,850	47,000
Net markups		8,000
Net markdowns		6,000
Net sales		25,000

a. Complete the table below for December 2021 assuming the following methods:

	Average Cost	Average Cost - Conventional	LIFO	LIFO - Dollar-Value
Estimated COGS
Estimated Ending Inventory

b. Assume ending inventory (retail) equals $100,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods:

	LIFO	LIFO - Dollar-Value
2022 Estimated Ending Inventory

c. Assume ending inventory (retail) equals $76,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods:

	LIFO	LIFO - Dollar-Value
2022 Estimated Ending Inventory