(5 points) Valley, Inc. uses the Retail Inventory Method to estimate ending inventory. Their beginning inventory at cost (retail) was $1,718,000 ($2,680,000), purchases were $13,194,000 ($25,959,000), purchase discounts were $344,000 ($601,000), and freight in was $155,000. They also reported net markups of $2,611,000, net markdowns of $3,591,000, and net sales of $23,313,000. What is ending inventory at cost if they use the conventional approach? (A 21) O $1,799,003 O $3,303,367 $1,864,034 O $2,037,757