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CDZ Company used FIFO retail method of inventory valuation. The entity provided the following information...

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Question

Accounting

CDZ Company used FIFO retail method of inventory valuation. The entity provided the following information for the current year:

Cost

Retail

Beginning inventory

600,000

1,500,000

Purchases

3,000,000

5,500,000

Net markups

500,000

Net markdowns

1,500,000

Sales revenue

4,500,000

What is the estimated cost of ending inventory?

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