2.

Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $528,000. Information pertaining to that inventory is as follows: Selling price Costs to sell Replacement cost $534,000 37,000 461,000 What should be the reported value of Sullivan's inventory? Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021: Cost $127,500 407,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $149,000 595,000 34,500 54,000 615,000 To the nearest thousand, estimated ending inventory is