Canadian Accounting:

Gillespie Corp. is preparing the financial statements at its fiscal year end, December 31, 20x2. The following information is available:

	At Cost	At Retail
Inventory, January 1, 20x1 ........................	$ 208,500	$ 465,300
Markdowns ................................................		117,500
Markups .....................................................		177,500
Markdown cancellations ............................		55,000
Markup cancellations.................................		22,500
Purchases ...................................................	603,000	1,324,350
Sales ...........................................................		1,450,000
Purchases returns and allowances..............	12,875	30,150
Sales returns and allowances .....................		22,500

Required:

Calculate the ending inventory at cost at December 31, 20x2, using the retail method that approximates lower of average cost and market. Your solution should be in good form with amounts clearly labelled. Carry the cost ratio to two decimals, e.g., 12.34%.