lance hefner specialty shoppes decided to use the dollar value LIFO retail method to value its inventory. accounting records provide the following information

cost retail

merchandise inv jan 1,2016 160,000 250,000

net purchases 350,200 510,000

net markups 7,000

net markdowns 2,000

net sales 380,000

pertinate retail price indexs are as follows

january 1, 2016 1.00

december 31, 2016 1.10

required

determine ending inventory and cost of goods sold