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Use the following information to answer questions \#5 through \#8. Frazier Dept. Store uses the retail inventory method. Frazier's accounting records for 1995 contained the following information: 5. Assuming Frazier uses the lower of average cost or markef approach, calculate the cost-to-retail ratio for December 31 , 1995 (round all ratios to two decimal places): A. 69.44 B. 70.03 (D.) 67.03 E. 71.23% 6. Assuming Frazier uses the FIFO approach, calculate the costto-retail ratio for December 31, 1995: A. 68.12% (C) 73.53% B. 72.06% B. 71.23% 7. Assuming Frazier uses the LIFofapproach, calculate the ending inventory at retai1 for December 31,1995 : C. $115,000 D. $80,883 E. $113,000 Assuming that Frazier uses the average costs approach, calculate the ending inventory at cost for December 31, 1995: A. $74,932 C. $82,627 B. $78,353 B. $80,883 D. $83,089