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What is the ending inventory value at cost

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Question - Ivanhoe Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $798800 ($982700), purchases during the current year at cost (retail) were $3245800 ($4198300), freight-in on these purchases totaled $193700, sales during the current year totaled $4096000, and net markups (markdowns) were $6200 ($290900). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.

a. $886,445

b. $800,300

c. $653,845

d. $1,085,000

Reference no: EM132596979

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