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

Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following date has been summarized for December 31, 2016:

Cost Retail

Inventory, January 1 116,000 165,000

Purchases 355,000 540,000

Net markups 15,600

Net markdowns 9,800

Net Sales 522,000

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

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