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Exercise 9-21 Presented below is information related to Novak Company Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue $103,540 $281,000 1,376,000 2,105,000 93,600 13,700 38,300 4,800 2,179,000 Compute the inventory by the conventional retail inventory method Round ratios for computational purposes to O decimal places, e g 78% and inal answer to O decimal places, eg, 28,987. Ending inventory using conventional retail inventory methods

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