Question: Ivanhoe Inc. uses the conventional retail method to determine its ending inventory at cost . Assume the beginning inventory at cost ( retail ) was

Ivanhoe Inc. uses the conventional retail method to determine its ending inventory at cost.
Assume the beginning inventory at cost (retail) was $383500($584000), purchases during the
current year at cost (retail) were $3208000($4993600), freight-in totaled $149500, sales during
the current year totaled $4466000, and net markups were $404000. What is the company's
ending inventory value at cost?(Round cost-to-retail ratio percentagesto 1 decimal places, e.g.52.7%

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