am only looking for the answer for thr question 3: based on the 1. and 2.

Assignment - Due Nov 3rd i Saved The records of Diskount Department Stores Inc. provided the follor $800,000 2,000 9,000 5,000 7,000 Sales (gross) Sales returns Additional markups Additional markup cancellations Markdowns Purchases: At retail At cost Purchase returns: At retail At cost Freight on purchases Beginning inventory: At retail At cost Markdown cancellations 850,000 459,500 4,000 2,200 7,000 80,000 45,000 3,000 Required: 1. Estimate the valuation of the ending inventory and cost of goods sc percentage was 51%. Estimated cost of ending inventory | $ 118,280 Estimated cost of goods sold $ 391,020 2. Estimate the valuation of the ending inventory and cost of goods sold using the retail sales method, which approximates lower-of- cost-or-NRV valuation (Round "Cost ratio" to the nearest whole percentage.) Estimated cost of ending inventory Estimated cost of goods sold $ 70,093 $ 128,000 3. Which method is likely to be more accurate? Gross margin method O Retail sales method Prev 1 of 1 PRO Next