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TASK#4 (Retail Inventory Method-Conventional and LIFO) company began operations late in 2019 and adopted the...

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TASK#4 (Retail Inventory Method-Conventional and LIFO) company began operations late in 2019 and adopted the conventional retail inventory method. Because there was rere was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory for 2019 was $52,000 und 52,000 under both the conventional retail method and the LIFO retail method. At the end of 2020, management to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2020. The following data are available for computations: Cost $ 52,000 Inventory, January 1, 2020 Sales Net markups Net markdowns Purchases Freight-in Estimated theft Retail $ 70,000 240,000 2,000 8,600 268,000 191,000 12,500 2,000 Instructions Determine the cost of the 2020 ending inventory under both A. the conventional retail method and B. the LIFO retail method

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