5. Justin, Inc. had beginning inventory of $33,000 at cost and $180,000 at retail. Net purchases were $297,750 at cost and $465,000 at retail. Net markups were $90,000, net markdowns were $30,000 and sales revenue was $700,000. Instructions: Compute ending inventory at cost using the conventional retail method. Round percentages to 2 decimal places and dollar amounts to the nearest whole dollar. You may use the format below if helpful, if not just delete and proceed in your own manner! Step 2: Calculate Cost to Retail Ratio: Conventional \begin{tabular}{l|l|l|} \hline & \multicolumn{1}{|c|}{ Cost } & Retail \\ \cline { 2 - 3 } Beginning Inventory & & \\ \hline Add: Net Purchases & & \\ \hline Add: Net Markups & & \\ \hline Totals for Cost to Retail Ratio & & \\ \cline { 2 - 3 } & & denominator \\ \hline numerator & & \\ \cline { 2 - 3 } & & \end{tabular} Step 3: Multiply Ending Inventory at Retail (Step 1) by Cost to Retail Ratio (Step 2) to determine Ending Inventory at Cost