PROBLEM 8: Love Bug Company used the retail inventory method to estimate inventory for interim purposes. Data relating to the computation of the inventory at year-end are as follows: Cost Retail Beginning inventory P700,000 P1,000,000 Purchases 4,100,000 6,300,000 Markup 700,000 Markdown 500,000 Sales 5,900,000 Normal shoplifting losses 100,000 10. What is the estimated cost of ending inventory under the average cost approach? A. 900,000 B. 960,000 C. 1,024,000 D. 1,500,000