Question 1 (5 marks) Nougaro Inc., a public company, uses the retail method to estimate inventory. Information relating to its inventory for the year is as follows: Retail $1,400,000 4,600,000 Cost Inventory, beginning of year $ 850,000 Purchases 2,950,000 Freight-in 135,000 Sales Net markups Net markdowns 4,650,000 340,000 125,000 Required: Calculate Nougaro Inc.'s inventory value at the end of the year