a department store uses Retail Inventory method. info for jan 31 shown in chart. What should be the ending inventory at estimated cost on jan 31 if LCM is used?

COST RETAIL Inventory at January 1, 2015 $16,000 $ 40,000 Sales 290,000 Purchases 135,000 300,000 Net markups 20,000 Net markdowns 10,000