ABC uses the retail inventory method to estimate the ending inventory balance. Information used to estimate inventory at the end of 2021 is presented below. (currency amounts are in thousands) COST SUCH Beginning Inventory Balance $29 $45 Purchases 140 190 Purchase discounts taken (purchase discounts) 3 Purchase returns (purchase returns) 5 8 Freight on purchase (freight-in) twenty Net markups 40 Net Markdowns 12 Net sales 190 DETERMINE THE COST RATE (C/R) UNDER THE CONVENTIONAL RETAIL METHOD. Note: Rates in responses are rounded. Select one: a. 74% b. 71% c. 68% d. 77%