Apply the retail method to the following company information to calculate the cost of the ending inventory for the current period:
Definitions:
Life Chances
In sociology, "life chances" refers to the opportunities each individual has to improve their quality of life, based on various socioeconomic factors.
Welfare Reform Act
Legislation aimed at changing the operation of the welfare system, typically to reduce dependency on government assistance by encouraging employment and self-sufficiency.
Assistance
The provision of help or support, typically given by individuals or organizations to those in need.
Meritocracy
A system in which rewards are distributed based on merit.
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