CALCULATOR PRINTTE VERSION BACK Problem 9-12 As of January 1, 2017, Sage Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following data. Cost Selling Price Inventory, January 1 $28,600 $40,200 Markdowns 9,000 Markups 8,800 Markdown cancellations 6,400 Markup cancellations 2,900 Purchases 106,566 158,000 Sales revenue 151,600 Purchase returns 3,100 4,000 Sales returns and allowances 7,500 Compute Sage's June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to decimal places, e.g. 78% and final answer to o decimal places, e.g. 28,987.) Inventory under the conventional retail method Without prejudice to your solution to part (a), assume that you computed the June 30, 2017, inventory to be $59.400 at retail and the ratio of cost to retail to be 71.14%. The general price level has increased from 100 at January 1, 2017, to 108 at June 30, 2017. Compute the une 30, 2017, inventory at the June 30 price level under the dollar value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, -. 78% and inal answer to o decimal places, s. 28,987.) Ending inventory at dollar value UFO cost