WildhorseCompany began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $38,000would have been the same under either the conventional retail system or the LIFO retail system.

On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level.

Cost Retail

Inventory, Jan. 1, 2020 $38,000 $61,200

Markdowns (net) 12,700

Markups (net) 21,600

Purchases (net) 133,300 177,600

Sales (net) 169,900

Ending inventory using conventional retail method

$

Ending inventory LIFO retail method

$