6. Maggie's Homemade cannot decide which inventory method to use to determine its ending inventory. The accounting records for the current year contain the following information: Cost $67,800 17,000 Purchases Beginning inventory Sales Net markups Net markdowns Retail $99,500 23,500 98,000 6,500 3,000 Compute the ending inventory under the following cost flow assumptions. a. FIFO b. lower of cost or market (based on average cost) ANSWER: 6. Maggie's Homemade cannot decide which inventory method to use to determine its ending inventory. The accounting records for the current year contain the following information: Cost $67,800 17,000 Purchases Beginning inventory Sales Net markups Net markdowns Retail $99,500 23,500 98,000 6,500 3,000 Compute the ending inventory under the following cost flow assumptions. a. FIFO b. lower of cost or market (based on average cost)