Use the following answer to answer multiple choice questions $5$ through $6.$ The following data concerning the retail inventory method are taken from the financial records of Floor$-$Mart for $2017.$ Round all numbers in intermediate steps to four decimal places and final answers to two decimal places.

$$ Cost$$ Retail

$$ Beginning inventory$$ $$178,000$ $ $223,000$

$$ Purchases$679,0001,053,670$

$$ Net markups$285,000$

$$ Net markdowns$79,500$

$$ Sales$1,236,025$

$$

$5.$ Under the conventional retail inventory valuation method, ending inventory at cost for the year ending December $31,2017$ should be:

a$.$ $$178,713\mathrm{.}98$

b$.$ $$142,321\mathrm{.}04$

c$.$ $$135,084\mathrm{.}38$

d$.$ $$246,145\mathrm{.}00$

$$

$6.$ Under the cost retail inventory valuation method, ending inventory at cost for the year ending December $31,2017$ should be:

a$.$ $$178,713\mathrm{.}98$

b$.$ $$142,321\mathrm{.}04$

c$.$ $$135,084\mathrm{.}38$

d$.$ $$246,145\mathrm{.}00$

$$

$7.$ Inventory may be recorded at net realizable value if

a$.$ there is a controlled market with a quoted price.

b$.$ the inventory is made up of agricultural or commodity$-$type items.

c$.$ there is a controlled market with a quoted price and there are no significant costs of disposal.

d$.$ Inventories may never be recorded at net realizable value