Inventory, Jan. 1, 2020 $38,400 $61,100 Markdowns (net) 12,700 Markups (net) 22,000

Inventory, Jan. 1, 2020 $38,400 $61,100 Markdowns (net) 12,700 Markups (net) 22,000 Purchases (net) 131,500 179,800 Sales (net) 168,200 Determine the cost of the 2020 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal place, e.g. 78.72% and final answers to 0 decimal places, e.g. 28,987.) (a) Ending inventory using conventional retail method $enter a dollar amount rounded to 0 decimal places (b) Ending inventory LIFO retail method