On January 1, 2018, Nicholson Department Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows:

Required:

1. Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

2. Estimate the 2018 ending inventory and cost of goods sold using the average cost retail method.

3. Estimate the 2018 ending inventory and cost of goods sold using the conventional retail method.

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2018 2019 Cost Retall Cost Retall $28,000 $ 40,000 Beginning inventory Net purchases Freight-in Net markups $90,000 2,500 85,000 108,000 $114,000 2,000 10,000 8,000 Net markdowns 2,000 2,200 Net sales to customers 100,000 104,000 Sales to employees (net of 20% discount) 2,400 4,000 Price Index: January 1, 2018 1.00 December 31, 2018 1.06 December 31, 2019 1.10 2018 2019 Cost Retall Cost Retall $28,000 $ 40,000 Beginning inventory Net purchases Freight-in Net markups $90,000 2,500 85,000 108,000 $114,000 2,000 10,000 8,000 Net markdowns 2,000 2,200 Net sales to customers 100,000 104,000 Sales to employees (net of 20% discount) 2,400 4,000 Price Index: January 1, 2018 1.00 December 31, 2018 1.06 December 31, 2019 1.10