In this chapter's exploration, we focused on how to figure out ending inventory values, focusing on two key methods: the gross profit method and the retail inventory method. Each has its own way of estimating what the ending inventory is worth, and they're used in different situations in accounting. For our discussion, take a closer look at both these methods. Explain how they work and why they might be chosen for estimating the ending inventory. Try to highlight not only how each method is carried out but also why it's important for creating financial reports. Discuss how each method is used to calculated estimated ending inventory. Under what circumstances is it appropriate to use these methods? Support your response to question #2 with a reference from the ASC (Accounting Standard Codification)