Helen Keller Company began operations on January 1, 2013, adopting the conventional retail inventory system. None of the company€™s merchandise was marked down in 2013 and, because there was no beginning inventory, its ending inventory for 2013 of $38,100 would have been the same under either the conventional retail system or the LIFO retail system. On December 31, 2014, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2014, 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.

Instructions
Determine the cost of the 2014 ending inventory under both
(a) The conventional retail method and
(b) The LIFO retailmethod.

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Cost Inventory, Jan. 1, 2014 Markdowns (net) Markups (net) Purchases (net) Sales (net) Retail $60,000 13,000 22,000 178,000 167,000 S 38,100 130,900