A buyer had an inventory of $93,000 on January 1 and a planned EOM stock of $120,000. Planned sales for the department were $65,000, and planned markdowns for the month were 8.75%. As of January 1, the buyer had merchandise on order of $32,000 at retail to be delivered during the month. Planned initial markup was 48.5%. Calculate the buyers OTB at cost as of January 1.

Select one:

a. $38,690.00

b. $11,689.07

c. $65,687.50

d. $19,924.75

e. $33,829.06