Question: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $391000 ($595000), purchases during

Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $391000 ($595000), purchases during the current year at cost (retail) were $2075000 ($3320000), freight-in on these purchases totaled $130000, sales during the current year totaled $3020000, and net markups (markdowns) were $73000 ($109000). 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.

Answer is $559209.

Please show explaination and work thank you :)

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