P9-9 (L05) (Retail Inventory Method) Presented below is information related to Waveland Inc. Inventory. 12/31/17 $250,000 ew 390,000 914,500 Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Markups Markup cancellations 18,000 1,410,000 97,500 120,000 40,000 5,000 Freight-in Employee discounts granted Loss from breakage (normal) ,500 Compulc the cost of endig inventery at Dec 31,ao17 by conventional retail method