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Plank Co. uses the retail inventory method. The following information is available for the current year....

Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $78,000 $122,000 Purchases 295,000 415,000 Freight-in 5,000 — Employee discounts — 2,000 Net markups — 15,000 Net Markdowns — 20,000 Sales — 390,000 The approximate cost of the ending inventory by the conventional retail method is a. $95,900. b. $94,920. c. $98,000. d. $102,480.

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