Flint Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2020. Amounts as shown below appear on the stores books before adjustment.

		Cost		Retail
Inventory, January 1, 2020		$16,460		$24,100
Purchases in 2020		121,644		191,300
Markups in 2020				11,000
Markdowns in 2020				6,100
Sales revenue in 2020				177,000

You are to assume that all markups and markdowns apply to 2020 purchases, and that it is appropriate to treat the entire inventory as a single department. Compute the inventory at December 31, 2020, under the following methods.

A. The conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the conventional retail method

$

B.The last-in, first-out retail method, effecting the change in method as of January 1, 2020. Assume that the cost-to-retail percentage for 2019 was recomputed correctly in accordance with procedures necessary to change to LIFO. This ratio was 63%. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the last-in, first-out retail method

$