The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2018: Cost Retail Inventory 1/1/2018 $ 390,000 $ 650,000 Net purchases for the year 1,402,000 1,835,000 Net markups 75,000 Net markdowns 45,000 Net sales 1,845,000

Assume that on 1/1/2018 Toso adopted the dollar-value LIFO retail inventory method and that the retail price index at the end of 2018 is 1.02. Toso's inventory at December 31, 2018, is estimated at: