ABC Company uses the retail inventory method to value its inventory for financial reporting purposes. The company compiled the following cost and retail data for 20X1. Cost Retail Beginning Inventory 7,000,000 10,000,000 Purchases 12,800,000 15,000,000 Net Markups 2,000,000 Net Markdowns 1,000,000 Net Sales 12,000,000 1) Determine cost to retail ratio including net markups but without net markdowns. 2) Determine cost to retail ratio including net markups and net markdowns. 3) Determine estimated cost of ending inventory using cost to retail ratio in (1). 4) Determine estimated cost of ending inventory using cost to retail ratio in (2).