On january 1, 2018, pet friendly stores adopted the retail inventory method. inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019cost retail cost retailbeginning inventory $ 90,000 $ 150,000purchases 478,000 730,000 $ 511,000 $ 760,000purchase returns 2,500 3,500 2,200 4,000freight-in 6,960 8,000net markups 8,500 10,000net markdowns 4,000 6,000net sales to customers 650,000 680,000sales to employees (net of 30% discount) 14,000 17,500normal spoilage 5,000 6,600price index: january 1, 2018 1.00december 31, 2018 1.03december 31, 2019 1.06required:
1. estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value lifo retail method.
2. estimate the 2018 ending inventory and cost of goods sold using the average cost retail method.
3. estimate the 2018 ending inventory and cost of goods sold using the conventional retail method.

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.