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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December

Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018:

Cost Retail
Inventory, January 1 $ 110,000 $ 159,000
Purchases 353,569 537,000
Net markups 14,000
Net markdowns 8,200
Net sales 516,000

Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period.

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