Question 1 Presented below is information related to Manama Company Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales Sales returns Cost $550,000 $600.000 Retail 2,100,000 3.700,000 170,000 60,000 $2,000 15,000 +500,000 550,000 Required: Compute the ending inventory at retail and at cost by the conventional retail inventory method (Show your calculations).