a. Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores from the following data.   00 Cost00  00Retail00 Inventory, Jan. 1 $0149,000 $0283,500 Purchases 1,400,000 2,160,000 Freight-in 70,000   Markups, net   92,000 Markdowns, net   48,000 Sales revenue   2,175,000 b. If the results of a physical inventory indicated an inventory at retail of $295,000, what inferences would you draw?

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A:

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