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 inventory, January 1, 2021 $ 160,000 $ 250,000 Net purchases 350,200 510,000 Net markups 7,000 Net markdowns 2,000 Net sales 380,000 Related retail price indexes are as follows: January 1, 2021 1.00 December 31, 2021 1.10