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Western Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2018: Cost Retail Inventory, 1/1/18 $ 125,750

Western Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2018:

Cost Retail

Inventory, 1/1/18 $ 125,750 $225,000

Net purchases 363,280 650,000

Net markups 55,000

Net markdowns 35,000

Net sales 530,000

What is the cost of Western's inventory at December 31, 2018?

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