Question: Crane Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $795800 ($979700),

Crane Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $795800 ($979700), purchases during the current year at cost (retail) were $3185800 ($4138300), freight-in on these purchases totaled $190700, sales during the current year totaled $4036000, and net markups (markdowns) were $5900 ($287900). What is the ending inventory value at cost?

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