At December 31, 2019, the following information was available from Reese Co.'s accounting records: Cost Retail $205,000 840,000 Inventory, 1/1/19 Purchases Net markups Net markdowns Sales $ 305,000 1,255,000 30,000 10,000 1,300,000 Required: Using the conventional retail method. estimate the cost of Reese inventory at December 31, 2019