Exercise 9-24 Grouper Company began operations on January 1, 2016, adopting the conventional retai nventory system. None of the company's merchandise was marked down in 2016 and, because there was no beginning inventory, its ending inventory for 2016 of $38,400 would have been the same under either the conventional retail system or the LIFO retail system. On December 31, 2017, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2017, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level Retail $61,100 12,700 22,000 179,800 168,200 Cost Inventory, Jan. 1, 2017 Markdowns (net) Markups (net) Purchases (net) Sales (net) $38,400 131,500 Determine the cost of the 2017 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal place, e.g. 78.72% and final answers to 0 decimal places, eg. 28,987.) (a) Ending inventory using conventional retail method (b) Ending inventory LIFO retail method