Gene Company used the retail inventory method to approximate the ending inventory.

The following information is available for the current year:

	COST	RETAIL
Beginning Inventory	650,000	1,200,000
Purchases	9,000,000	14,700,000
Freight In	200,000
Purchase Returns	300,000	500,000
Purchase Allowances	150,000
Departmental Transfer in	200,000	300,000
Net markup		300,000
Net markdown		1,000,000
Sales		9,500,000
Sales Discount		100,000
Employee Discounts		500,000
Estimated normal shoplifting losses		600,000
Estimated normal shrinkage and breakage		400,000

Required:

1. What amount should be reported as cost of ending inventory using the conservative approach?

2. What amount should be reported as cost of ending inventory using the average approach?

3. What amount should be reported as cost of ending inventory using the FIFO approach?