Wade Company estimates the cost of its physical inventory on March 31 for use in an interim financial statement. The rate of markup on cost is 25%. The following account balances are available:                 Inventory, March 1          $4,000,000                 Purchases during March                2,000,000                 Purchase returns              104,000                 Sales during March          3,400,000 The estimate of the cost of inventory on March 31 would be $2,496,000. $2,720,000. $3,176,000. $3,346,000.

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