Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information: Cost Retail $242,000 Purchases Sales $348,830 394,000 5,076 Sales returns Beginning inventory 60,500 Net markups 107,294 32,800 12,000 Net markdowns The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes? O$55,792 O$57,200 x $59,400 $61,281 In general, it is argued that the lower of cost or market rule is supported most closely by which of the following theoretical assumptions? Ogoing concern historical cost Representational faithfulness revenue recognition