Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:

Pertinent retail price indexes are as follows:

Determine ending inventory and cost of goods sold.

Cost Retail 315,000 $ 420,000 537,200 675,000 24,000 19,000 550,000 Merchandise inventory, January 1, 2016 Net purchases Net markups Net markdowns Net sales January 1, 2016 December 31, 2016 1.00 1.10 Ending inventory at retail Ending inventory at cost Cost of goods sold