As of January 1, 2017, Crane Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the stores financial statements at June 30, 2017, you obtain the following data.

		Cost			Selling Price
Inventory, January 1		$31,800			$46,800
Markdowns					10,500
Markups					8,300
Markdown cancellations					5,800
Markup cancellations					3,100
Purchases		115,075			154,400
Sales revenue					151,500
Purchase returns		3,100			3,900
Sales returns and allowances					8,400

Part 1.

Compute Cranes June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Inventory under the conventional retail method

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