Problem K (2 points each) ABC Groceries provided the following information: Cost 555,200 Retail 945,000 5,000,000 700,000 6,000,000 675,000 4,200,000 386,950 84,250 Beginning inventory Sales Normal spoilage Purchases Abnormal spoilage Freight in Mark ups Mark ups cancellations Mark down Mark down cancellations Employee discount Sales discounts Sales returns 1,250,000 100,000 650,000 80,000 500,000 130,000 200,000 1. How much is the estimated ending inventory at cost using the first-in, first-out method? 2. How much is the cost of goods sold using the average method