Question 3 (9 points) Retail Inc. reported the following information: Cost $ 27,000 Opening inventory Sales, net of returns Net markups Purchases Purchase returns and allowances Selling Price $ 50,000 $120,000 $ 2,000 $112,000 $ 54,000 $ 3,580 $ 6,000 Required: Estimate the valuation of the ending inventory and cost of goods sold using the retail inventory method. (9 marks)