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IV. Howe is a distributor of tomatoes who uses FIFO and has the following information at December 31, 2023: Inventory at cost $2,000,000 Inventory in transit shipped FOB destination from a vendor 1,200,000 The expected selling price of the tomatoes is 98% of its cost. The cost of selling and delivering to customers is 3% of the selling price. Instruction

Determine the appropriate valuation of ending inventory at December 31, 2023