The following information pertains to Lynn's Linens at December 31st: Cost Retail Beginning Inventory $15,425 $22,000 Purchases $20,000 $30,000 Markups $3,000 Markup Cancellations $500 Markdowns $1,000 $700 Markdown Cancellations Sales $10,000 Using the conventional retail inventory method, what is the value of ending inventory that Lynn's Linens will report on its December 31st balance sheet? $54,500 $44,200 $28,730 $35,425