Problem 1, The following data pertain to a single department for the month of October for ABC Company. At Cost At Retail Beginning inventory…………………………..35,000 40,000 Purchase ……………………………………...50,000 80,000 Purchase discount………………………………5,000 15,000 Purchase return and allowance…………………10,000 14,000 Sales (net)…………………………………………………………...70,00 0 Additional markup ………………………………………………….20,000 Markup cancellation ………………………………………………….5,000 Markdown ………………………………………………………….10,000 Markdown cancellation ……………………………………………...6,000 Normal spoilage……………………………………………………..7,000 Normal shortage …………………………………………………….3,000 Abnormal spoilage ………………………………………………….5,000 Required: Compute the estimated cost of ending inventory using: Conventional Retail Method Cost Retail Method Gross Profit Method, if markup percentage is 20 % on cost