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What is the ending inventory value at cost for blossom

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Problem 1: Blossom uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $388000 ($592000), purchases during the current year at cost (retail) were $2015000 ($3260000), freight-in on these purchases totaled $127000, sales during the current year totaled $2960000, and net markups (markdowns) were $70000 ($106000). 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.

Option 1: $552120.
Option 2: $575340.
Option 3: $634035.
Option 4: $856000.

Reference no: EM132708849

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