Brief Exercise 9-12 * Your answer is incorrect. Try again. Sheridan Inc. had beginning inventory of $11,520 at cost and $18,000 at retail. Net purchases were $130,760 at cost and $183,700 at retail. Net markups were $9,700, net markdowns were $6,600, and sales revenue was $159,700. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using LIFO retail method