Hoover Co. uses the retail inventory method. The following information is available for the current year.

CostRetail

Beginning inventory$78,000$122,000

Purchases295,000415,000

Freight-in5,000

Employee discounts2,000

Net markups15,000

Net markdowns20,000

Sales390,000

a)If the ending inventory is to be valued at approximately lower-of-average-cost-or-net realizable value, the calculation of the cost ratio should be based on cost of ? $_________and retail of ?$_________respectively.

b)The ending inventory at retail should be? $____________

c)The approximate cost of the ending inventory by the conventional retail method is _______ $