As of January 1, 2020, Blossom Inc adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2020. you obtain the following data. Cost $31,000 Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Selling Price $41,000 11,600 8,400 7,000 3.100 155,400 153.700 3,600 7.900 90,860 3,000 (a) Your answer is correct. Compute Blossom's June 30, 2020, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to decimal places, eg. 78% and final answer to decimal places, eg. 28,987.) Inventory under the conventional retail method $ 28620 eTextbook and Media Attempts: 2 of 3 used (b) X Your answer is incorrect. Without prejudice to your solution to part (a), assume that you computed the June 30, 2020, inventory to be $63,720 at retail and the ratio of cost to retail to be 76%. The general price level has increased from 100 at January 1, 2020, to 108 at June 30. 2020. Compute the June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, eg. 78% and final answer to decimal places, eg. 28,987.) Ending inventory at dollar-value LIFO cost $ 12247