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Hyland Company reports goods available for sale at cost, $90,000.

Beginning inventory at retail is $40,000 and goods purchased during the period at retail were $80,000. Sales for the period amounted to $88,000. Instructions Determine the estimated cost of the ending inventory using the retail inventory method.

Your former college roommate is opening a new retail store and asks you Which inventory costing method should I use? What is your response? Include a comparison of the tax effect, balance sheet effect, and income statement effect for FIFO versus LIFO.

Instructions Calculate inventory turnover, days in inventory, and gross profit rate for Santos Photo Corporation for 2009, 2010, 2011. Comment on any trends.