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A firm ended the last period with inventory of $3.0 million and a last in, first...

A firm ended the last period with inventory of $3.0 million and a last in, first out (LIFO) reserve of $40,000. During the year, it made purchases of $1 million and reported sales of $4 million with a gross margin of 0.58. At the end of the year, it reported a LIFO reserve of $75,000. What is the value of the firm's ending inventory converted to a first in, first out (FIFO) basis?

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