On January 1, 2021, the Bowden Corporation adopted the dollar-value LIFO retail inventory method. Below is information related to inventory:
Cost Retail
Beginning inventory $60,000 $94,000
Purchases during the year 201,500 310,000
Annual net sales 300,000
The retail price index at the end of 2021 was 1.04. Ending inventory at dollar-value LIFO cost is:
a. $ 65,000
b. $ 67,600
c. $ 64,056
d. $100,000