Dollar-Value LIFO Retail On December 31, 2015, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2016 are as follows: LIFO Cost Retail Inventory, 12/31/15 Inventory, 12/31/16 Increase in price level for 2016 Cost-to-retail ratio for 2016 S360,000 500,000 $660,000 70% Required: Compute the cost of Davison Company's inventory at December 31, 2016. Round the cost index computations to three decimal places, and final answer to the nearest dollar