Page 3 of 3 PROBLEM G (AVERAGE COST RETAIL INVENTORY METHOD) - 6 pts Fainthearted Company provided the following information for the current year: COST 750,000 4,150,000 Beginning inventory Purchases Additional markup Available for sale RETAIL 1,000,000 5,800,000 200,000 7,000,000 4,900,000 Sales for the year totaled P5,500,000. Markdown amounted to P100,000. Under the average cost approach in applying the retail method, what is the estimated cost of inventory