Question: Cullumber Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $382500 ($583000), purchases

Cullumber Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $382500 ($583000), purchases during the current year at cost (retail) were $3188000 ($4973600), freight-in on these purchases totaled $148500, sales during the current year totaled $4446000, and net markups were $403000.

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. $1513600. $944486. $1037150. $785678.

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