(1) A company has the following selected information for the year: Beginning inventory at cost is $275,000 Ending inventory at retail is $240,000 Cost of goods available for sale is $640,000 Original retail price of goods available for sale after markups, but before net markdowns is $1,000,000 What is the estimated cost of ending inventory using the conventional retail inventory method? (Do not include any words or signs in your answer; enter number only) $ (II.) Consider whether the following statement is true or false: Inventory is an asset account. Type one word as your answer: type either the word "true" or the word "false". (Do not include quotation marks)