Question: The Evening Out Clothing Store values its inventory using the retail inventory method. The following data are available for the month of November 2013: ___________________________________________________________Cost...........Retail

The Evening Out Clothing Store values its inventory using the retail inventory method.
The following data are available for the month of November 2013:
___________________________________________________________Cost...........Retail
Inventory, November 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$107,600.......$160,000
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .308,608........440,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...........488,000
Compute the estimated inventory at November 30, 2013, assuming:
1. FIFO
2. LIFO
3. Average cost

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