SMCC Retail Corp had the following info:

Beginning Inventory @ cost = $400,000, @ retail = $790,000

Net Purchases @ cost = $1,475,000, @retail = $2,350,000

In addition, Mark-ups were $97,000 and Mark-ups cancellations were $7,000. Mark-downs were $45,000 and Mark-down cancellations were $5,000. Net Sales were $2,150,000.

REQUIRED:

Compute Ending Inventory value using the retail inventory method.