Problem 6. Retail inventory method (11 points) The McCombs Company uses the retail inventory method to compute ending inventory. Information for 2019 is as follows: Cost $12,500 Retail $16,000 8,000 68,000 Beginning inventory Net markups Purchases Freight-in Purchase returns Sales Net markdowns 41,000 2,000 1,500 2,000 45,000 2,000 Required: Determine McCombs' cost of ending inventory based on the retail lower of average cost or market method. Cost Retail Focu