Pharoah Company began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $37,900 would have been the same under either the conventional retail system or the LIFO retail system. On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level. Cost $37,900 Inventory, Jan. 1, 2020 Retail $61,000 12,900 Markdowns (net) Markups (net) 21,900 Purchases (net) 133,000 176,300 Sales (net) 167,100 Determine the cost of the 2020 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal place, e.g. 78.72% and final answers to O decimal places, e.g. 28,987.) (a) Ending inventory using conventional retail method A $ (b) Ending inventory LIFO retail method A