20. Hartley Company uses the retail method of inventory valuation. The following information is available: Cost Retail Beginning inventory 1,250,000 2,000,000 Purchases 6,750,000 8,000,000 Net markup 1,500,000 Net markdown 500,000 Sales 7,700,000 1. What would be the estimated cost of the ending inventory using FIFO retail? a. 2,475,000 b. 2,300,000 c. 2,545,000 d. 2,225,000 2. What would be the estimated cost of the ending inventory using LIFO retail? ANSWERS: C, C, C, C, B, C, A, A, D, A, A, B, B, C, A, B, A, C, A, C, B, A, A, A, D IV. AGRICULTURE .