The EKC Company uses the retail inventory method. The following information for 2007 is available:

Required
Compute the cost of the ending inventory under each of the following cost flow assumptions:
1. FIFO
2. Average cost
3. LIFO
4. Lower of cost or market (based on averagecost)

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Retail $100,000 $180,000 Markdowns Cost Cost Retail 15,000 Inventory, January1 Purchases (gross price 320,000 600,000 Markdown cancellations Purchases discounts taken 6,000 Freight-in Additional markups Markup cancellations 4,000 610,000 30,000 10,000 Sales 16,000 Sales returns 60,000 Sales discounts 12,000