Group Project Due Friday December 8h 2017 Noon SBE 346 NAME: 6. At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at retail). During the year, Joan purchased inventory for $50,000 ($70,000 at retail), and made markdowns of $7,500. Joan's sales in 2016 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method? a. $37,500 b. $40,000 c. $39,000 d. $34,375