16. Sandhill Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $ 308000 $ 484000 Purchases 1140000 1620000 Freight-in 18000 Employee discounts 7600 Net markups 56000 Net markdowns 76000 Sales revenue 1520000 if the ending inventory is to be valued at approximately lower of average cost or market, the calculation of the cost ratio should be based on cost and retail of $ 1448000 and $ 2152400. $ 1158000 and $ 1668400. $ 1158000 and $ 1676000. $ 1466000 and $ 2160000