The following data concerning the retail inventory method are taken from the financial records of Welch Company. Cost Retail $70,000 320,000 Beginning inventory $49,000 Purchases 224,000 Freight-in 6,000 Net markups 20,000 Net markdowns 14,000 Sales 336,000 1. The cost of ending inventory (to the nearest $100 using the cost to retail method is $ 2. If the ending inventory is to be valued at approximately the lower-of-cost-or net realizable value, what ratio should be used as the cost to retail ratio to the nearest 1%. 3. If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $54,000 at retail, should the business realize a gain or a loss? Choose... in the amount of (rounded to the nearest $10) $ at retail prices and at cost (rounded to the nearest $10)