2. A gift store reported the following records for its operation during the month of February. Inventory on Feb. 1 Net sales Markdowns. Returns to vendors Employee discounts Purchases @Cost $280,000 $15,000 $320,000 @Retail $435,000 $440,000 $88,000 $20,000 $15,000 $498,000 a. What was the book value of the closing inventory at retail in February? (2 points) b. What was the cumulative markup % of total merchandise handled in February? (4 points) (Hint: Cumulative MU% is the MU% for Total Merchandise Handled (TMH), and Opening inventory + Purchases - RTV) TMH Cost Retail c. What was the book inventory at cost on February 28 when the store closed? (3 points) d. The physical inventory at retail taken after closing the store on February 28 amounted to $368,000. Did this store experience a shortage or an overage or neither? (2 point) c. What was the shortage % / overage %? (2 point)