pls answer questions 7A-3 & 4

7A-3. Beginning inventory for SQUISHY PLUM Company $28,000. During the next three weeks SQUISHY purch $33,000. They also generated sales revenue of $70,0 weeks through the sale of plums. Unfortunately to refrigeration suddenly went out one evening, turning their soupy glop that was thrown away. SQUISHY wants to file an for the cost of the lost inventory but they need to estimate the inventory immediately prior to the disaster. In the past immediately prior to the disaster. In the past SQUISHY has had a gross margin percentage of 70%. Please estimate the value of ending inventory using the gross margin method. LUM Company for February was QUISHY purchased more plums for revenue of $70,000 during these three Unfortunately for SQUISHY their ening, turning their inventory into a PUISHY wants to file an insurance claim ory but they need to estimate the value of ending 7A-4. Use the same information for SQUISHY PLUM Company in the above example but assume that the retail price of beginning inventory was $64,000 and that the retail price of the inventory purchased during the period was $92.000. Please estimate the ending inventory using the retail method. Which technique is better and why? Template for Problem 7A-3 Name: TA Name: Lab Section Time: Determine ending inventory using the GROSS MARGIN method. Template for Problem 7A-4 Name: TA Name: Lab Section Time: Determine ending inventory using the RETAIL method. A technique (gross margin or retail cost method) is better and explan Il method. Also, tell which ail cost method) is better and explain why