Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 is obtained from Johns' records:

	Cost	Retail
Inventory, January 1, 2016	$20,000	$29,000
Purchases	60,000	92,000
Net additional markups		1,000
Net markdowns		3,000
Sales		75,000

The price index on January 1, 2016, was 100, and on December 31, 2016, it was 110.

Required:

Compute the cost of the inventory on December 31, 2016. Round the cost-to-retail ratio to three decimal places.

JOHNS COMPANY
Calculation of cost of inventory using Dollar-Value LIFO
December 31, 2016
	Cost	Retail
Beginning inventory	$ 20000	$ 29000
Purchases	60000	$ 92000
Add: Markups (net)		1000
Less: Markdowns (net)		-3000
		$ 90000
Goods available for sale	$80000	$119000
Less: Sales		-75000
Ending inventory at retail		$44000
Ending inventory at cost	$

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