Furniture Stores Ltd.uses the retail method to value its inventory.The following information is available for 2005:--- 
Required: Calculate the December 31,2005 inventory cost under the retail method-average cost (LCM) basis (conventional retail).
Definitions:
Credit Risk
The risk of loss arising from a borrower's inability to repay a loan or meet contractual obligations.
Payment Default
The failure to meet the legal obligations of a loan, such as not making the agreed-upon monthly payments.
Loan Principal
The initial size of the loan or the amount of money borrowed that is still owed, not including interest.
Low-credit-risk Company
A company deemed to have a minimal risk of defaulting on its debt obligations, often due to strong financial health and stability.
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