Charleston company has elected to use the dollar-value lifo retail method to value its inventory. the following data has been accumulated from the accounting records:
|
|
|
Cost
|
Retail
|
|
Merchandise inventory, January 1, Net purchases
Net markups
Net markdowns
Net sales
Pertinent retail price indexes: January 1, 2016
December 31, 2016
|
2016
|
$ 306,240
664,088
1.00
1.10
|
$ 480,000
1,018,000
13,800
3,800
639,000
|
Required:
Estimate the ending inventory for December 31. 2016.