Problem #1) Retail Inventory Method (20%) Bloomingdales Department Store in New York determine its ending inventory Selected financial information for 2017 is as follows: Retail Cost $60,000 18,000 (5,000) 34,000 (12,000) 150,000 Inventory, 01/01/17 Markdowns Markdown Cancellations $38,100 Markups Markup Cancellations Purchases 130,900 8,000 Freight-In Purchase Returns Sales 30,000 187,000 (10,000) 20,000 Sales Returns& Allowances REQUIRED: 1) Compute the ending inventory at cost at 12/31/17, using the Conventional Retail Method 2) Compute the Estimated Cost of Goods Sold