The Devon's Farm Company uses the retail inventory method to compute ending inventory. Information for last year is as follows: Cost S12.000 Retail $20,000 8,000 80,000 Beginning inventory Net markups Purchases Freight-in Purchase retums Sales Net markdowns Required: 40,000 7,100 3,000 6,000 50,000 4,000 Determine Devon's Farm Company's ending inventory based on the retail lower of average cost or market method