The price index on January 1, 2019, was 100, and on December 31, 2019, it was 110. Required: Compute the cost of the inventory on December 31, 2019. Round the cost-to-retail ratio to three decimal places. JOHNS COMPANY Calculation of cost of inventory using Dollar-Value LIFO December 31, 2019 Cost Retail Beginning inventory 20,000 $ 29,000 Purchases 60,000 92,000 Markups (net) 1,000 Markdowns (net) 3,000 90,000 Goods available for sale 80,000 119,000 Less: Sales 75,000 Ending inventory at retail 44,000 Ending inventory at cost