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Crane uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $401000 ($605000), purchases during
Crane uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $401000 ($605000), purchases during the current year at cost (retail) were $2275000 ($3520000), freight-in on these purchases totaled $140000, sales during the current year totaled $3220000, and net markups (markdowns) were $83000 ($119000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places
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