Leonard Bernstein Company began operations late in 2013 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2013 and no markdowns during 2013, the ending inventory for 2013 was $21,388 under both the conventional retail method and the LIFO retail method. At the end of 2014, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2014. The following data are available for computations.

		Cost		Retail
Inventory, January 1, 2014		$21,388		$29,400
Sales revenue				78,400
Net markups				8,700
Net markdowns				2,800
Purchases		58,450		83,900
Freight-in		8,002
Estimated theft				3,100

Compute the cost of the 2014 ending inventory under both :

(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.)

1. WHat is the Ending Inventory using the conventional retial method ?

2. The LIFO retail method.

A.What is the Ending Inventory cost ?

B. What is the Ending Inventory at retial ?