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Fer numbers 17-18: Karina Company provided the following data for the current year. Retail Cost 1,500,000 3,200,000 3,000,000 Beginning inventory Net purchases Net markup Net markdown Net sales 500,000 200,000 ? The entity used the average retail inventory method to estimate ending inventory. It was determined that the average cost of the ending inventory was P1,950,000. If the entity used the FIFO retail method, the cost ratio would have been 50%. 17. What is the amount of net purchases at original retail before markup and markdown? a. 5,900,000 b. 6,100,000 c. 6,600,000 d. 6,400,000 18. What amount was reported as net sales? a. 5,500,000 b. 3,000,000 c 3,671,875 d. 7,000,000