Part V. (16 Points) Retail Inventory Method When you undertook the preparation of the annual financial statements for Smokey, Inc. at December 31, 2017, the following data were available: At Cost $145,600 At Retail Inventory, January 1, 2017 Purchases, net Markups, net Markdowns, net $197,000 577,000 126,000 30,000 670,000 Net Sales Compute the estimated ending inventory at cost as of December 31,2016, using the retail method which approximates lower of cost or market Your solution should be in good form with all amounts clearly labeled. REQUIRED