Acme Incorporated had the following information in their accounting records: Cost Retail Beginning inventory 35,000 70,000 Net purchases 450,000 810,000 Markups net of markdowns 8,000 Net sales 800,000 Required: Calculate the ending inventory using the retail method. Round percentages to one decimal place (ie. 0.123 = 12.3%) and round final answer to the nearest dollar. (4 marks)