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Eaton Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2014: Cost. Retail Inventory, 1/1/14. $188,000. $280,000

Eaton Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2014:

Cost. Retail

Inventory, 1/1/14. $188,000. $280,000

Net purchases. 756,000. 1,124,000

Net markups 136,000

Net markdowns 60,000

Net sales 1,060,000

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