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Curtis Company must estimate its ending inventory and has the following information ...

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Accounting

Curtis Company must estimate its ending inventory and has the following information
available from the most recent accounting period:
Cost Retail
Jan 1 Inventory $ 85,000 $ 160,250
Net Cost of Goods Purchased 493,000 689,750
Sales 689,000
Sales Returns 24,000
a. Compute the December 31 inventory for Curtis using the retail method.
b. Compute the December 31 inventory for Curtis Company using the gross profit method
The gross profit rate has historically been 35% of net sales

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