Leonard Company began operations late in 2016 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2016 and no markdowns during 2016, the ending inventory for 2016 was $14,000 under both the conventional retail method and the LIFO retail method. At the end of 2017, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2017. The following data are available for computations.

		Cost		Retail
Inventory, January 1, 2017		$14,000		$20,000
Sales revenue				80,000
Net markups				9,000
Net markdowns				1,600
Purchases		58,800		81,000
Freight-in		7,500
Estimated theft				2,000

Compute the cost of the 2017 ending inventory under both:

a: The conventional retail method. Ending inventory using the conventional retail method $___________

b: The LIFO retail method. Ending inventory at cost $_______ and Ending inventory at retail $_________