Solve all questions otherwise leave it 2. Estimate the 2016 ending inventory and cost of goods sold using the average cost method. (Roundyour cost-to-retail percentage calculation to 2 decimal places.)Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold3. Estimate the 2016 ending inventory and cost of goods sold using the conventional retail method.(Round your cost-to-retail percentage calculation to 2 decimal places.)Estimated ending inventory atretailEstimated ending inventory atcostEstimated cost of goods sold On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inventory transactions atboth cost and retail, and cost indexes for 2016 and 2017 are as follows:Beginning inventoryPurchasesPurchase returnsFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20%discount)Normal spoilagePrice Index:January 1, 2016December 31, 2016December 31, 20172016CostRetailCostRetail$159,250 $245,000450,000 631,000 $685,000 $918,0003,5504,500Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold4,5007,2001.001.251.255,9004,600500,00024,0003,500201720164,1007,000Required:1. Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFOretail method.201711,6007,900720,00024,0006,800

The production of financial accounts requires accurate inventory value. Inventory value is shown on…

2. Estimate the 2016 ending inventory and cost of goods sold using the average cost method. (Round your cost-to-retail percentage calculation to 2 decimal places.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 3. Estimate the 2016 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage calculation to 2 decimal places.) Estimated ending inventory at retail Estimated ending inventory at