7:57 Aa QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, $250,000 12/31/20 390,000 Purchases 914.500 1,460,000 Purchase 60,000 80,000 returns Purchase 18,000 discounts Gross sales 1,410,000 revenue (after employee discounts) Sales returns 97,500 Markups 120,000 Markup 40,000 cancellations Markdowns 45,000 Markdown 20,000 cancellations Freight-in 42,000 Employee 8,000 discounts granted Loss from 4.500 breakage (normal) 9-42 Reader Contents Notebook Bookmarks More 7:57 Aa 1 QD 914.500 60,000 390,000 1,460,000 80,000 80,00 18,000 1,410,000 T213120 Purchases Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) 97.500 120,000 40,000 45,000 20,000 42,000 8,000 4.500 Instructions Assuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. 9-42 E Contents E Notebook A Bookmarks Reader More