l7. Yumul Company provided the following data: % Retail Beginning inventory P 160,000 P 400,000 Purchases 2,800,000 3,200,000 Freight in 40,000 Markup 300,000 Markup cancellation 30,000 Markdown 160,000 Markdown cancellation 40,000 Sales 3,000,000 Physical inventory at year end 500,000 Estimated normal shrinkage is 4% of sales Assuming the company uses the average retail inventory method, the estimated inventory shortage is a. P104,000 c. P200,000 b. Pl30,000 d. P4,000