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18. Tublay uses the retail inventory method to approximate the lower of average cost or market. The following information is available for the current year: Cost Retail Beginning inventory P 1,300,000 P 2,600,000 Purchases 18,000,000 29.200,000 Freight in 400,000 Purchase returns 600,000 1,000,000 Purchase allowances 300.000 Departmental transfer in 400,000 600,000 Net markups 600,000 Net markdowns 2,000,000 Sales 24,400,000 Sales discounts 200.000 Employee discounts 600,000 What should be reported as the estimated cost of inventory at the end of the current year? O A. P3,120,000 O B. P3,200,000 O C. P3,000,000 O D. P3,840,000