XYZ Company adopted the dollar value LIFO inventory method on 1/1/15. The companys 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. SHOW ALL OF YOUR WORK.