ROD Co. wishes to estimate its ending inventory using a LIFO retail method, calculate the estimated ending inventory at December 31, 2018.

Information for the year ended December 31, 2018 is as follows:

Beginning Inventory (at cost) $20,000 Sales (net) $240,000

Beginning inventory (at retail) $30,000 Net Mark-Downs $15,000

Purchases (at cost) $110,000 Freight $15,000

Purchase Returns (at cost) $10,000 Purchases (at retail) $230,000

Purchase Returns (at retail) $15,000 Net Mark -Ups $25,000

REQUIRED: By hand. No excel.