Late in 2017, Joan Seceda and four other investors took the chain of Indigo 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 Indigo 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 Indigo Department Stores contain the following amounts on November 30, 2020, the end of the fiscal year. Cost Retail Beginning inventory $68,600 $98,200 Purchases 265,598 397,000 Net markups 50,600 Net markdowns 111,400 Sales revenue 317,800 According to the November 30, 2020, physical inventory, the actual inventory at retail is $111,600. (b) X Your answer is incorrect. Assuming that prices have been stable, calculate the value, at cost, of Indigo Department Stores' ending inventory using the last- in, first-out (LIFO) retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Estimated ending inventory at Cost $ 79824 Save for Later Attempts: 2 of 3 used Submit