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Crossway Outfitters is a retailer of outdoor clothing and equipment. The company has a standard mark-up of 60% on invoiced cost. Inventory at the beginning of the year was $1,840,000. During the year, the company purchased $14,300,000 of goods and recorded sales of $24,000,000. The year-end inventory count showed $2,590,000 in inventory measured at actual retail prices. Included in this total of $2,590,000 is $390,000 of goods that had been discounted by 25% relative to regular prices.
Required:
Question 1: Using the retail inventory method, estimate the cost of inventory at the year-end and the amount of cost of goods sold.
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