Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2016 is available Cost Retail Cost Retail $100,000 $180,000 Markup cancellations$12,000 15,000 -Markdown cancellations4,000 Inventory, January 1 Purchases (gross price) Purchases discounts taken Freight-in Additional markups Required: 320,000 600,000 Markdowns 6,000 16,000 Net Sales 580,000 60,000 t places and the final answers to the nearest dollar 1. Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to three decimal EKC COMPANY Calculation of ending inventory by retalil Inventory method FIFO Cost Retail Cost of goods sold EKC COMPANY Calculation of ending inventory by retail inventory method FIFO For the year 2016 the ehaing Inventory under the FIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dolla Cost of goods sold Cost Retail Ending inventory at retail Ending inventory at cost 2. Compute the cost of the ending inventory under the average cost method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest do Calculation of ending inventory by retail inventory method Average Cost EKC COMPANY For the year 2016 Cost Retail