Windsor Company began operations on January 1, 2016, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2016 and, because there was no beginning inventory, its ending inventory for 2016 of $37,900would have been the same under either the conventional retail system or the LIFO retail system.

On December 31, 2017, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2017, 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, 2017$37,900$61,000Markdowns (net)12,900Markups (net)21,900Purchases (net)133,000176,300Sales (net)167,100

Determine the cost of the 2017 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method