TASK 4 (Retail Inventory Method-Conventional and LIFO) Will Company began operations late in 2020 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2020 and no markdowns during 2020, the ending inventory for 2020 was $52,000 under both the conventional retail method and the LIFO retail method. At the end of 2021, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2021. The following data are available for computations. Inventory, January 1, 2020 Sales Net markups Cost $ 52,000 Retail $ 70,000 240,000 2,000 Instructions Net markdowns Purchases Freight-in Estimated theft 8,600 191,000 268,000 12,500 2,000 Compute the cost of the 2021 ending inventory under both: 1. the conventional retail method and 2. the Dollar Value LIFO retail method (Price Index 1.20)