The records for the Clothing Department of Sage Fine Clothing are summarized below for the month of May. Inventory, May 1: at cost $64,100; at retail $98,400 Purchases in May: at retail $106,300; at cost $78,356 Freight-in: $3,300 Purchase returns: at cost $2,500; at retail $2,900 Transfers out to a nearby branch: at retail $8,700; at cost $7,800 Net markups: $6,100 Net markdowns: $3,800 Inventory losses due to normal breakage, etc: at retail $830 Sales at retail: $110,000 Sales returns: $3,400 (a) Compute the inventory for this department as of May 31, at retail prices Ending inventory at retail $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to decimal places, e8 78% and final answer to decimal places, eg. 28,987.) Ending inventory at lower-of-average cost-or-market $ The records for the Clothing Department of Sage Fine Clothing are summarized below for the month of May. Inventory, May 1: at cost $64,100; at retail $98,400 Purchases in May: at retail $106,300; at cost $78,356 Freight-in: $3,300 Purchase returns: at cost $2,500; at retail $2,900 Transfers out to a nearby branch: at retail $8,700; at cost $7,800 Net markups: $6,100 Net markdowns: $3,800 Inventory losses due to normal breakage, etc: at retail $830 Sales at retail: $110,000 Sales returns: $3,400 (a) Compute the inventory for this department as of May 31, at retail prices Ending inventory at retail $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to decimal places, e8 78% and final answer to decimal places, eg. 28,987.) Ending inventory at lower-of-average cost-or-market $