x Your answer is incorrect. Try again Flounder Company began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2019 and because there was no beginning inventory, its ending Inventory for 2019 of $38,100 would have been the same under either the conventional retail system or the LIFO retail system On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, inventory would appear under both systems. pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level $38,100 Inventory, Jan 1, 2020 Markdowns (net) Markups (net) Purchases (net) Sales (net) Retail $59,100 13,300 22,100 175.000 166,800 130,300 Determine the cost of the 2020 ending inventory under both (a) the conventional retal method and (b) the Luro retal method. (Round ratios for computational purposes to a decimal place and final answers to decimal place 2.97.) (a) Ending Inventory using conventional retail method 50050 (b) Ending Inventory LIFO retail method