As of January 1, 2014, Aristotle Inc. installed the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2014, you obtain the following data.

	Cost	Selling Price
Inventory, January 1	$ 30,000.00	$ 43,000.00
Markdowns		$ 10,500.00
Markups		$ 9,200.00
Markdown cancellations		$ 6,500.00
Markup cancellations		$ 3,200.00
Purchases	$ 104,800.00	$ 155,000.00
Sales revenue		$ 154,000.00
Purchase returns	$ 2,800.00	$ 4,000.00
Sales returns and allowances		$ 8,000.00

B) Assume that you computed the June 30, 2014, inventory to be $59,400 at retail and the ratio of cost to retail to be 70%. The general price level has increased from 100 at January 1, 2014, to 108 at June 30, 2014. Prepare a schedule to compute the June 30, 2014, inventory at the June 30 price level under the dollar-value LIFO retail method.

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