Question 12 The following data concerning the retail inventory method are taken from the financial records of Sunland Company. Cost Retail Beginning inventory $202000 $ 286000 Purchases 902000 1340000 Freight-in 24600 Net markups 80600 Net markdowns 56600 Sales 1404000 If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of $1128600 and $1706600. $1128600 and $1650000. $1128600 and $1626000. $1104000 and $1626000