Question 20

The records of Lohse Stores included the following data:

Inventory, May 1, at retail, $14,500; at cost, $10,440Purchases during May, at retail, $42,900; at cost, $31,550Freight-in, $2,000; purchase discounts, $250Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300Sales during May, $45,500

Calculate the estimated inventory at May 31 on a LIFO basis.

Estimated inventory$