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

Cost Retail Merchandise inventory, January 1, 2011 $320,000 $ 500,000

Net purchase 670,000 1,020,000

Net markups 14,000

Net markdowns 4,000

Net sales 650,000

Pertinent retail price indexes

January 1, 2011 1.00

December 31, 2011 1.10

Estimate the ending inventory for December 31, 2011.