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Compute what is the ending inventory value at cost

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Problem 1: Ivanhoe Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $786800 ($970700), purchases during the current year at cost (retail) were $3005800 ($3958300), freight-in on these purchases totaled $181700, sales during the current year totaled $3856000, and net markups (markdowns) were $5000 ($278900). 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.

Option 1: $799100.

Option 2: $643276.

Option 3: $1073000.

Option 4: $863765.

Reference no: EM132695388

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