Question: Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in

Platinum Taco Shell Inc. uses a retail inventory method.

Below is last year's data:

Cost Retail

Beginning inventory 347,900 784,000

Purchases 730,100 980,000

Freight in 39,200

Mark ups 98,000

Mark downs 116,375

Sales 686,000

Inflation factor: 1.1

What is the Ending Inventory under Dollar value LIFO, conventional retail, and average cost?

What is the COGS under Dollar value LIFO, conventional retail, and average cost?

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