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Cost P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97.500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4,500 Instructions Assuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. Net markdowns 54.000 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: 595,000 Sales returns 2.400 X Look at e inventory for this department as of January 31, at retail prices. he ending inventory using lower-of-average-cost-or-market. CIFIFO Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 S250.000 $ 390,000 Purchases 914,500 1.460,000 Purchase returns 60,000 80,000 Purchase discounts 18.000 Gross sales revenue (after employee discounts) 1.410,000 Sales returns 97,500 120,000 Markup 40.000 Markup cancellations 45,000 Markdowns 20,000 Markdown cancellations 42.000 Freihin 8.000 4,500 ployee discounts granted from breakage (normal) page 9-23 ons Round to 3 3 = Aug LCM that waveland Inc. uses the conventional retail inventory method, compute the cost of its ember 31, 2021 also do FIFO and FIFO, LCA sewentory Method) Fugue Inc. uses the retailinventory method utements. The following data pertain to a single