Retail Inventory Method The following information relates to the retail inventory method used by the Jeffress Company:

Cost

Retail

Beginning inventory

$11,160

$18,000

Purchases

54,600

92,400

Freight in

840

Net markups

600

Net markdowns

1,144

Sales

94,056

Required

Compute the ending inventory by the retail inventory method, using the following cost flow assumptions:

1. FIFO

2. Average cost

3. LIFO

4. Lower of cost or market (based on average cost)