Part 3: Traditional Retail Inventory Method The records for the Clothing Department of Sharapova's Discount Store are summarized below for the month of January At Retail At Cost Inventory, January Purchases in January Freight-in Purchase returns Transfers in from suburban branch Inventory losses due to normal breakage, etc Sales revenue Sales returns Net markups Net markdowns $ 25,000 17,000 137,000 82,500 7,000 2,300 9,200 3,000 13,000 400 95,000 2,400 $ 8,000 4,000 (a) Compute the inventory for this department as of January 31, at retail prices (b) Compute the ending inventory at cost, using retail conventional method