Leonard Company began operations late in $2024$ and adopted the conventional retail inventory method. Because there was no beginning inventory for $2024$ and no markdowns during $2024,$ the ending inventory for $2024$ was $$14,000$ under both the conventional retail method and the LIFO retail method. At the end of $2025,$ management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during $2025.$ The following data are available for computations. InstructionsInventory, January $1,2025$ Sales revenueNet markupsNet markdowns PurchasesFreight$-$in Estimated theftCost$$14,00058,8007,500$Retail$$20,00080,0009,0001,60081,0002,000$Compute the cost of the $2025$ ending inventory under both $($a$)$ the conventional retail method and $($b$)$ the LIFO retail method.