Dorcas Inventory shows the following information at December 31, 2020: Inventory, beginning: Cost 560,000 Retail 1,400,000 Purchases: Cost 4,960,000 Retail 10,320,000 Freight-in 150,000 Mark-up 1,000,000 Mark-up cancellation 120,000 Mark-down 500,000 Mark-down cancellation 100,000 Sales 10,000,000 Estimated normal shrinkage 2.5% of Sales Wishful uses the retail inventory method of valuing its inventory. How much is the estimated cost of inventory in 2020