Sheridan Company began operations on January 1, 2019, adopting the conventional retail inventory system. None of the companys merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $38,000 would have been the same under either the conventional retail system or the LIFO retail system. On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level.

		Cost			Retail
Inventory, Jan. 1, 2020		$38,000			$59,000
Markdowns (net)					13,000
Markups (net)					22,300
Purchases (net)		128,300			180,200
Sales (net)					166,400

	SOlve for Ending inventory LIFO retail method