12. The Phillips Company is in the process of converting to a cost price basis its inventory taken at retail. The pertinent facts are as follows: At Retail $156,900 54,100 At Cost Purchases Beginning inventory Transportation-in Ending inventory $90,100 32,900 3,600 30,000 The estimated cost value of the ending inventory, as determined by applying the cost- to-retail ratio, is A. $16,977 B. $18,000. C. $20,000. D. $21,300