Problem 3 When you began the preparation of the financial statements for Ethan, Inc. at January 31, 2020 the following information was available: Cost Retail Inventory - February 1 2019 $70,000 $98,500 Markdowns $35,000 Markups $63,000 Markdown cancellations $20,000 Markup cancellations $10,000 Purchases $219,000 $294,000 Sales $325,000 Purchase returns $4,000 $5,500 Sales returns $10,000 1. Compute estimated ending inventory using the Conventional approach. 2. Compute estimated ending inventory using the Cost approach