Question - On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows:
Required:
1. Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
2. Estimate the 2018 ending inventory and cost of goods sold using the average cost retail method.
3. Estimate the 2018 ending inventory and cost of goods sold using the conventional retail method.