Question: Please help :) Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations

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Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2016: Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: Cost Calculation of ending inventory by retail inventory method FIFO 2016 Cost 000 0 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. HARMES COMPANY Retail $29,600 66,000 100000000 Retail $41,600 99,700 2,300 500 82,400 2. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Average cost. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar
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