Inventory, Jan. 1, 2025, $40,320, $67,200
Markdowns (net), 14,560
Markups (net), 24,640
Purchases (net), 146,640, 199,360
Sales (net), 187,040
Determine the cost of the 2025 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answers to 0 decimal places, e.g. 28,987.)
a) Ending inventory using conventional retail method
$
b) Ending inventory using LIFO retail method
$