Question #2: Retail Inventory Method The Bronx Company uses the retail inventory method to compute ending inventory. Information on May 31, 2020, its fiscal year-end are as follows: Cost 24,000 $ Retail 40,000 16,000 160,000 Beginning Inventory Net Mark-ups Purchases Freight-In Purchases Discounts Purchases Returns Sales Sales Returns Net Mark-downs 80,000 14,200 2,000 4,000 5,000 7,000 103,000 3,000 8,000 Required: Compute the ending inventory based on the retail lower of average cost or market method. CA