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Weezer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost was $382,200 and retail was $582,120.
Weezer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost was $382,200 and retail was $582,120. Purchases during the current year at cost was $2,013,900 and at retail was $3,234,000. Freight-in on these purchases totaled $126,420. Sales during the current year totaled $2,940,000, and net markups were $70,560, Net markdowns were $105,840. What is the ending inventory value at cost? Round decimals to three decimals (e.g. 0.54943 rounds to 54.9%) and final answer to whole dollars.
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