Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records:

Cost Retail
Merchandise inventory, January 1, 2018 $ 347,760 $ 540,000
Net purchases 680,372 1,024,000
Net markups 14,400
Net markdowns 4,400
Net sales 672,000
Pertinent retail price indexes:
January 1, 2018 1.00
December 31, 2018 1.10

Estimate the ending inventory for December 31, 2018.

Ending inventory at retail = $902,000

Ending inventory at cost = $550,424

Explanation:

Kindly check attached picture

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