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1. Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for

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1. Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost Retail $116,000 $165,000 355,000 540,000 15,600 9,800 522,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period

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