Solve the question with Ms. Excel Format or Convertible to Ms. Word with Clear Numerical Explanations.

Please Solve all Three Requirements.

Q2: When you undertook the preparation of the financial statements for Vancey Company at January 31, 2007, the following data were available: At Cost At Retail Inventory, February 1, 2006 $70,800 $98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 10,000 Purchases 219,500 294,000 Sales 345,000 Purchases returns and allowances 4,300 5,500 Sales returns and allowances 10,000 Required: i. Calculate the ending inventory cost using LCM retail inventory method. (3 Marks) ii. Calculate the ending inventory cost using COST retail inventory method. (3 Marks) iii. Comment on the conceptual difference between the two methods. (1 Mark) iv. What is the condition or situation in which use retail inventory method for inventory valuation? (1 Mark)