A company has the following information for the current year's operations: Cost Retail $ 40,000 400,000 Beginning inventory $ 60,000 Purchases 660,000 Net markups Net markdowns 50,000 10,000 Net sales 580,000 Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000 + $400,000) divided by retail of $760,000 ($60,000 + $660,000 + $50,000 - $10,000). Which application of the retail inventory method is the company using? Multiple Choice Average cost. LIFO. Conventional, Dollar-value LIFO.