Compute the cost of the ending inventory for 2007, 2008, and 2009.

Dollar-Value LIFO Retail – The following information is obtained from the records of the Burger Company, which uses the dollar-value LIFO retail method:

2007

2008

2009

Cost

Retail

Retail

Retail

Cost

Retail

Purchases

$200,000

$420,000

$420,000

$550,000

$240,000

$500,000

Net markups

20,000

20,000

30,000

10,000

Net markdowns

10,000

10,000

40,000

20,000

Sales

400,000

400,000

600,000

450,000

The company adopted LIFO on January 1, 2007, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The following price indexes were experienced by the Burger Company:

1-Jan-07

100

31-Dec-08

115

31-Dec-07

108

31-Dec-09

120

Required

Compute the cost of the ending inventory for 2007, 2008, and 2009.