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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:
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 $ 306,240 $ 480,000 Net purchases 664,088 1,018,000 Net markups 13,800 Net markdowns 3,800 Net sales 639,000 Pertinent retail price indexes: January 1, 2016 1.00 December 31, 2016 1.10
Required: Estimate the ending inventory for December 31, 2016. (Round "Cost-to-retail percentage" to two decimal place.)
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