Will Company began operations late in 2013 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2013 and no markdowns during 2013, the ending inventory for 2013 was $52,000 under both the conventional retail method and the LIFO retail method. At the end of 2014, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2014. The following data are available for computations.

Instructions
Compute the cost of the 2014 ending inventory under both
(a) The conventional retail method
(b) The LIFO retailmethod.

Cost Retail 70,000 240,000 2,000 8,600 268,000 Inventory, January 1, 2014 52000 Sales Net markups Net markdowns Purchases Freight-in Estimated theft 191,000 12,500 2,000