Q:

Leonard Bernstein Company began operations late in 2013 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2013 and no markdowns during 2013, the ending inventory for 2013 was $20,944 under both the conventional retail method and the LIFO retail method. At the end of 2014, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2014. The following data are available for computations.Calculate 1) ending inventory at cost 2) ending cost at retail

cost retail

Inventory, January 1, 2014		$20,944		$29,400
Sales revenue				71,000
Net markups				8,100
Net markdowns				2,600
Purchases		58,270		85,700
Freight-in		11,954
Estimated theft				3,100