Turner Corporation uses the retail inventory method. The following information relates to 2019:

Required:
Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-toretail ratio to 3 decimal places):
1. FIFO
2. average cost
3. LIFO
4. lower of cost or market (based on average cost)

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Retail Cost Retail Cost Additional markups Markup cancellations $ 29,000 140,000 3,000 5,000 20,000 $ 45,000 $ 50,000 Inventory, January 1 Purchases (gross price) Purchases disCounts taken Purchases returns Freight-in Employee discounts 190,000 10,000 15,000 3,000 190,000 Markdowns Markdown cancellations Net Sales 8,000 3,000