Late in 2014, Joan Seceda and four other investors took the chain of Splish Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group. Andrea Selig, controller of Splish Department Stores, is in the process of preparing the year-end financial statements. Based on the preliminary financial statements, Seceda has expressed concern over inventory shortages, and she has asked Selig to determine whether an abnormal amount of theft and breakage has occurred. The accounting records of Splish Department Stores contain the following amounts on November 30, 2017, the end of the fiscal year.

Cost Retail

Beginning inventory $67,700 $98,600

Purchases 275,120 402,300

Net markups 49,800

Net markdowns 108,200

Sales revenue 326,300

According to the November 30, 2017, physical inventory, the actual inventory at retail is $111,700.

Assuming that prices have been stable, calculate the value, at cost, of Splish Department Stores' ending inventory using the last-in, first-out (LIFO) retail method.(Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Estimated ending inventory at Cost - $

Estimate the amount of shortage, at retail, that has occurred at Splish Department Stores during the year ended November 30, 2017.

Estimated inventory shortage - $