What is the estimated cost of the inventory on December 31, 2015?

18. Danica Fabricators uses the average retail method. On December 31, 2015, the following information relating to the inventory was gathered: Inventory, beginning 190,000 450,000 Purchases 2,990,000 4,350,000 Purchase Discounts 40,000 Freight-in 150,000 175,000 Markups 300,000 Markdowns 400,000 Sales 4,400,000 Sales Return 100,000 Sales Discount 50,000 Sales Allowance 30,000 What is the estimated cost of the inventory on December 31, 2015