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*Pr. 9-112—Retail inventory method.
The records of Irvin Stores included the following data:
     Inventory, May 1, at retail, $14,500; at cost, $10,440
     Purchases during May, at retail, $42,900; at cost, $31,550
     Freight-in, $2,000; purchase discounts, $250
     Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300
     Sales during May, $46,500

Calculate the estimated inventory at May 31 on a LIFO basis. Show your calculations in good form and label all amounts.

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