Presented below is information related to Novak.

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Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.

Ending inventory using the conventional retail inventory method?....

Cost Retail Inventory, 12/31/20 $252,400 $388,200 Purchases 999,875 1,483,400 Purchase returns 59,000 81,400 Purchase discounts 18,400 Gross sales revenue 1,389,200 Sales returns 98,700 Markups 121,400 Markup cancellations 40,100 Markdowns 44,600 Markdown cancellations 20,300 Freight-in 41,600 Employee discounts granted 8,200 Loss from breakage (normal) - 4,200