The Turner Corporation uses the retail inventory method. The following information relates to 2007:

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)

Transcribed Image Text:

Cost Retail Cost Retail Inventory, January 1 Purchases (gross price) Purchases discounts taken Purchases returns Freight-in Employee discounts $29,000 45,000 Additional markups 140,000 50,000 10,000 15,000 3,000 190,000 190,000 Markup cancellations 3,000 5,000 20,000 8,000 Markdown cancellations Sales 3,000