Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018: 
Required:
Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period.
Definitions:
Sociological Economics
An interdisciplinary approach that analyzes economic behavior through the lens of social structures and cultural influences.
Neoclassical Economics
An economic theory that focuses on how the perception of equilibrium in supply and demand is the key factor in determining price and production levels.
Minimum Wage
The lowest legal hourly pay that employers can compensate their workers, set by government law or policy to ensure a basic standard of living for employees.
Nature of Work
Refers to the inherent characteristics, duties, and responsibilities associated with different types of employment or careers.
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