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Green Acres Co. has elected to use the dollar-value LIFO retail method to value its...

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Accounting

Green Acres Co. has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Pertinent retail price indexes:

Cost Retail
Merchandise inventory, January 1, 2021 $ 232,870 $ 365,000
Net purchases 488,000 755,000
Net markups 10,300
Net markdowns 2,800
Net sales 552,200
January 1, 2021 1.00
December 31, 2021 1.10

Required: Estimate the cost of ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.)

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