QUESTION 3. Iregui Inc. uses the conventional retail inventory method to estimate its ending inventory. Selected information about its 2023 operations are as follows. a. January 1, 2023 inventory had a cost of $99,200 and a retail value of $160,000 b. Purchases during 2023 cost $305,280 with an original retail value of $470,000 C. Freight costs were $20,000 for incoming merchandise d. Net additional markups totaled $30,000 and net markdowns were $20,000 e. Based on prior experience, shoplifting losses amounted to $15,000 of retail sales f. Employees get a 20% discount off selling price. Employee discounts are recorded in a separate account at the net selling price. The balance in this account at yearend is $3,000 g. Sales to customers totaled $437,000 for the year with sales discounts taken of $3,000. A. Estimate the amount of ending inventory to be reported on Iregui's 12/31/23 balance sheet. Show your labelled work on the final answer to be graded. B. How does the conventional retail method approximate average cost? C. For what purposes can the retail inventory method be used? Be complete.