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B I E E Instructions (1) Compute the ending inventory at cost on February 28,...

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B I E E Instructions (1) Compute the ending inventory at cost on February 28, 2021, using the retail method which approximates lower of cost of market Your solution should be good form with amants dewly labeled 16 points) Sales retums and allowances: $12,0 (Note: you may not use all rows/columns of the provided table) A BI Ili TII P (2) Compute the ratio of cost to retail (2 points) (3) Compute the ending inventory at cost (2 points) Time lett When you undertook the preparation of the financial statements for Loper Company on February 28, 2021, the following data were available: Inwentary on March 1, 2020 at cost $60,000, at retail 93,000 Purchases: at retail $295,000, at cost $260.500 Purchase allowances: 54,200 Markups: 540,000 Markup cancellations: $18,000 Markdowns 525.000 Markdown cancellations: $20,000 Normal shortages $7.500 Sales at retail $360,000 Sales returns and allowances: $12.000 (Note. you may not use in rows/columns of the provided table) Instructions ) Compute the ending Inventory at cost on February 28, 2021, using the real method which proximates tower of cost or market Murtolution should be in onos form with anotty bed. 6 point

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