On January 1, 2021, Titicaca Co. started business with inventory on hand of $34,000. The company reported purchases for the year of $136,000 and sales of $306,000. The value of inventory on hand on December 31, 2021 was $43,000 at end of year prices. The price index for 2021 was 111. What should Titicaca Co. report as COGS for 2021 if they use Dollar Value LIFO as their inventory method?

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