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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.
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