Problem #3 Robin Rotelle Corp. began operations late in 2020 and adopted the conventional retail method. Because there was no beginning inventory for 2020 and no markdowns during 2020, the ending inventory as of Dec. 31, 2020 was $525,000 using either the conventional retail or LIFO retail methods. At the end of 2021 Robin wants to compare the results of applying the conventional and LIFO retail methods. The following data is available for computations: Cost Inventory Dec. 31, 2020 821,500 2021 Purchases 2,767,500 2021 Net markups 2021 Net markdowns 2021 Net Sales 2021 Price Index 104 Retail 1,325,000 4,100,000 96,838 66,241 4,050,000 Required: Compute the cost of the 2021 ending inventory under the a conventional retail method b LIFO retail method c Dollar-value Lifo Retail Method (2020 is "Base-year")