The Monte Sales Company provided the following data related to its inventory at the end of the current year. Round percentages to two decimal places.

Required

a. What are Monte's ending inventory and cost of goods sold under the conventional retail method?

b. What are Monte's ending inventory and cost of goods sold under the basic retail method?

c. Which method provides the lower ending inventory value consistent with the lower-of-cost-or-market method?

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Retail Description Cost $ 45,000 Beginning nventoiy $21.800 132,000 Purchases 112,500 21.000 Addit onal markups Markup cancellatioans 4,200 Markdowns 15,800 Markdown cancellations 2,800 Saes 165,000