Glamor Company provided the following data:

Problem 14-8 (IAA) Glamor Company provided the following data: Beginning inventory Cost Selling price 500,000 Purchases: 770,000 Cost Selling price 3,070,000 Transportation in 4,300,000 Purchase discount 70,000 Purchase return: 45,000 Cost Selling price 25,000 Sales return 40,000 80,000 Sales discount 20,000 Markup 100,000 Markdown 350,000 Cancelation of markup 30,000 Cancelation of markdown 10,000 Sales 4,000,000 1. What is the estimated cost of ending inventory using the lower of average cost and net realizable value approach? a. 596,400 b. 588,000 C. 582,200 d. 574,000 2. What is the estimated cost of ending inventory using the average cost approach? a. 615,000 b. 570,000 C. 630,000 d. 539,600