The Brad's Farm Company uses the retail inventory method to compute ending inventory. Information for last year is as follows: Beginning inventory Net markups Purchases Freight-in Purchase returns Sales Net markdowns Cost $12,000 40,000 7,100 3,000 Retail $20,000 8,000 80,000 6,000 50,000 4,000 Required: Determine Brad's Farm Company's ending inventory based on the retail lower of average cost or market method. (15 Points)