FRUITS Company wants to estimate its ending inventory balance by applying the retail inventory method. For the year ended and as of December 31, 2022, the following amounts were reported:

FRUITS Company wants to estimate its ending inventory balance by applying the retail inventory method. For the year ended and as of December 31, 2022, the following amounts were reported: Determine the amount of COGS under retail inventory method – FIFO method: Determine the amount of COGS under retail inventory method – average method: Determine the amount of ending inventory under retail inventory method – LCNRV method: Determine the amount of ending inventory under retail inventory method – FIFO method: Determine the amount of ending inventory under retail inventory method – average method: Determine the amount of COGS under retail inventory method – LCNRV method: Transcribed Image Text: Beg. Inv., at cost
Beg. Inv., at retail
Gross purchases, cost
Gross purchases, retail
Purchase returns, cost
Transfer-in, retail
Transfer-out, retail
Normal loss, retail
Abnormal loss, cost
Abnormal loss, retail
P1,300,000
P1,000,000
650,000
2,000,000
5,916,000
100,000
8,870,000
616,000
500,000
800,000
Purchase returns, retail
Purchase allow., cost
Gross sales
720,000
120,000
8,500,000
550,000
Sales returns
Purchase discounts, cost
Transfer-in, cost
Transfer-out, cost
90,000
Sales discounts
130,000
Sales allowances
Freight in
700,000
400,000
490,000
900,000
Employee discounts
Markups
250,000
Markdowns
1,450,000
1,700,000
Markdown
250,000
cancellations
Markup cancellations
Net markups
200,000
Net markdowns
1,200,000
1,500,000
Required: Compute for the estimated ending inventory and the amount of COGS using average
method, conventional or LCNRV method and FIFO method.

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