9.Benny's Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 2016.CostRetailBeginning inventory$30,000$50,000Net purchases125,000220,000Net markups15,000Net markdowns6,000Net sales208,000To the nearest thousand, estimated ending inventory is: A. $41,000. B. $37,000. C. $51,000. D. None of these answer choices are correct.
10. On January 1, 2016, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $282,000, respectively. Net purchases during the year at cost and at retail were $604,500 and $920,000, respectively. Markups during the year were $10,000. There were no markdowns. Net sales for 2016 were $900,000. The retail price index at the end of 2016 was 1.04. What is the inventory balance that Coldstone would report in its 12/31/16 balance sheet?