Late in 2017, Joan Seceda and four other investors took the chain of Sheridan 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 Sheridan 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 Sheridan Department Stores contain the following amounts on November 30, 2020, the end of the fiscal year.

		Cost		Retail
Beginning inventory		$69,400		$99,200
Purchases		268,000		395,700
Net markups				49,400
Net markdowns				110,100
Sales revenue				321,300

According to the November 30, 2020, physical inventory, the actual inventory at retail is $107,500.

(b)

Assuming that prices have been stable, calculate the value, at cost, of Sheridan 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

$