XYZ Company adopted the dollar value LIFO inventory method on 1/1/15. The company's inventory on that date was $400,000, which is considered the base LIFO layer. Additional data about the company appear below.

Year

December 31 inventory at end-of-year prices

Price Index

1/1/2015

$400,000

100

12/31/2015

498,000

110

12/31/2016

516,000

121

Calculate ending inventory using the dollar value LIFO method at 12/31/16.