4. The records of Merton Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchases during May, at retail, $42,900; at cost, $31,550 Freight-in, $1,750 Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300 Sales during May, $47,500 Required: Calculate the estimated inventory on May 31 on a LIFO basis (assuming stable prices). Show your calculations in good form and label all amounts