Problem 9-14 Flint Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2017 Amounts as shown below appear on the store's books before adjustment. Cost Retail Inventory, January 1, 2017 $19,138 $26,400 Purchases in 2017 Markups in 2017 Markdowns in 2017 Sales revenue in 2017 122,562 179,600 12,000 5,900 180,000 You are to assume that all markups and markdowns apply to 2017 purchases, and that it is appropriate to treat the entire inventory as a single department. Compute the inventory at December 31, 2017, under the following methods. The conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e-9 28,987.) Ending inventory using the conventional retail method The last-in, first-out retail method, effecting the change in method as of January 1, 2017. Assume that the cost-to-retail percentage for 2016 was recomputed correctly in accordance with procedures necessary to change to LIFO. This ratio was 56%. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the last-in, first-out retail method