View Policies Current Attempt in Progress Oriole Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the period beginning 1/1/21. Available information comists of the following 2020 2021 Cost Retail Cost Retail Inventory 1/1 $13,750 $24,750 $ 7 $ 7 Purchases (net) 275,000 382.250 269.500 379.500 Net markups 5.500 11.000 Net markdowns 2.750 5.500 Sales (net 354.200 360.250 Loss from breakage 550 -0 Applicable price 110 118 Index Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method. Inventory 1/1/20 Cost Retail Ratio $13.750 $24,750 Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method Cost Retail Ratio Inventory 1/1/20 $13,750 $24,750 Purchases (net) 275,000 382,250 Net markups 5,500 Goods available $288,750 412,500 70% Sales (net) (354,200) Net markdowns (2,750) Loss from breakage (550) Inventory 12/31/20 at retail $55,000 Inventory 12/31/20 at LCM ($55,000 70%) $38,500 Prepare the journal entry to convert the inventory from the conventional retail to the LIFO retail method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to O decimal places, eg 5.275) (a) Prepare the journal entry to convert the inventory from the conventional retail to the LIFO retail method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Round answer to O decimal places, eg. 5,275) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above