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, 2013: 
Required:
Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period.
Definitions:
Regulate Behavior
The ability to control one's actions and responses in accordance with social norms, personal goals, or legal guidelines, often requiring self-discipline and executive functions.
Middle Childhood
A stage in human development that occurs between early childhood and adolescence, typically from ages 6 to 12.
Latency Stage
A phase in Freud's psychosexual development theory occurring from age six to puberty, where sexual urges are repressed and social and intellectual skills are developed.
Freud
Sigmund Freud was an Austrian neurologist and the founder of psychoanalysis, a method for treating psychopathology.
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