Harlequin Company adopted the dollar-value LIFO retail method at the beginning of 2024 (its base year). Its beginning inventory for 2024 was $36,000 at cost and $72,000 at retail prices. At the end of 2024, it computed its estimated ending inventory at retail to be $110,000. Assuming its cost-to-retail percentage for 2024 transactions was 60%, and that the retail price index at the end of 2024 was 1.10, what is the inventory balance that Harlequin Company would report in its 12/31/2024 balance sheet?

$54,480

$66,000

$110,000

$60,000

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