KingbirdCompany began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $38,500would have been the same under either the conventional retail system or the LIFO retail system.

On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, 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

Cost Retail

Inventory, Jan. 1, 2020 $38500 $60600

Markdowns (net) $13200

Markups (net) $22200

Purchases (net) $132900 $174500

Sales (net) $165900

What is the ending inventory using conventional retail method?

What is the ending inventory LIFO retail method?