P9-7 (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/14 Purchases Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) $250,000$ 390,000 1,460,000 80,000 914,500 60,000 18,000 1,410,000 97,500 120,000 40,000 45,000 20,000 42,000 8,000 4,500 Instructions Assuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its end ing inventory at December 31, 2015