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7. Use the following information from Electric Grill Inc. to answer the questions. Account Inv, Jan 1 Purchases Freight In Freight out Markups, net Markdowns, net Net Sales Employee Discounts Normal Shortage 2021 Cost Retail $ 45,000 $97,000 104,000 245,000 6,000 3,400 2,000 9,000 100,000 2,000 1,500 a. Using the Conventional Method, what is the Cost-to-Retail Ratio for 2021? Round to the nearly whole percentage. (3 points) b. Using the Conventional Method, what is the ending inventory valued at Cost for 2021? (3 points) c. Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2021? (3 points)