Current Attempt in Progress Oriole Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the period beginning 1/1/21. Available information consists of the following 2020 20211 Cost Retail Cost Retail Inventory 1/1 $13.750) $24,750 $ 1 $7 Purchases (net) 275,000 382.250 269.500 379.500 Net markups 5.500 11.000 Net markdowns 2,750 5.500 Sales (net) 354.200 360.250 Loss from breakage 550 0 Applicable price 110 118 Index Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method Cest Retail Ratio Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method. Cost Retail Ratio Inventory 1/1/20 $13,750 $24.750 Purchases (net) 275,000 382.250 Net markups 5.500 Goods available $288.750 412.500 70% Sales (net) (354,200) Net markdowns (2.750) Loss from breakage (550) Inventory 12/31/20 at retai $55,000 Inventory 12/31/20 at LCM ($55.000 70%) $38.500 (a) Your answer is correct Question 2 of 3 < (a) 2.5/5 I Your answer is correct Prepare the journal entry to convert the inventory from the conventional retail to the LIFO retail method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Round answer to O decimal places, eg. 5,275) (b) Account Titles and Explanation Adjustment to Recorder eTextbook and Media List of Accounts Debit Credit 765 765 Attempts: 1 of 3 used Prepare a schedule showing the computation of the 12/31/21 inventory based on the LIFO retail method an adjusted for fluctuating prices Without prejudice to your answer to la) above, assume that you computed the 1/1/21 inventory Iretail valie Question 2 of 3 2.5/5 Prepare a schedule showing the computation of the 12/31/21 inventory based on the LIFO retail method as adjunted for fluctuating prices. Without prejudice to your answer to (a) above, assume that you computed the 1/1/21 inventory (retail value $53.900) under the LIFO retail method at a cost of $37.400, (Round answers to O decimal places, eg 5.275) Cost Retail Ratio Inventory Purchases Net markup Net markdowns Total Total goods available Sales Ending inventory at retail- end of year dollars Ending inventory deflated Beginning Question 2 of 3 Netmarkups Netmarkdowns Yotal Total goods available < > 2.5/5 1 Sales Ending inventory at retail- end of year dollars Ending inventory deflated Beginning Layer added Ending inventory at cost eTextbook and Media List of Accounts Atenote of used