Dollar-Value LIFO Retaill Joheson Corporation had beginning inventory of $20,000 at cost and $35,000 at retail. During the year, it made net purchases of $180,000 at cost and $322,000 at retail. Johnson made sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Joheson's ending inventory at cost using the dollar-value LIFO retail method. Round cost index computations to four decimal places, other intermediate calculations to two decimal places and the final answer to the nearest whole dollar. When prices change during a period, a company can combine the principles of the retail LIFO method with the dollar-value LIFO method to eliminate the effects of this price change. This combination is called the dollar-value LIFO retail method