The following data concerning the retail inventory method are taken from the financial records of Ivanhoe Company, Cost Retail Beginning inventory $198000 $ 282000 Purchases 898000 1300000 Freight-in 24200 Net markups 80200 56200 Net markdowns Sales 1364000 If the ending Inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of $1120200 and $1606000. $1096000 and $1582000 $1120200 and 51582000. $1120200 and 51602200