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, 2016 $320,000 $500,000 Net purchases 670,000 1,020,000 Net markups 14,000 Net markdowns 4,000 Net sales 650,000 Pertinent retail price indexes: January 1, 2016 1.00 December 31, 2016 1.10 Required: Estimate the ending inventory for December 31, 2016.