Question: Zorinak, Inc. uses the dollar- value LIFO retail inventory method for costing inventory. It has beginning inventory costing $ 154,000 at a cost- to- retail

Zorinak, Inc. uses the dollar- value LIFO retail inventory method for costing inventory. It has beginning inventory costing $ 154,000 at a cost- to- retail ratio of 72%. During the year, Zorinak purchased goods with a cost basis of $ 770,000 and a retail value of $ 1,100,000. It had net markups of $ 33,000 and net markdowns of $ 49,500. Zorinak sold 80% of its goods available for sale during the year. The current- year price index is 1.03. What is Zorinak’s ending inventory at cost and retail using the dollar- value LIFO retail method? Round percentages to two decimal places.

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