Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year:

Cost Retail

Beginning inventory $ 30,000 $ 45,000

Purchases 190,000 260,000

Freight-in 2,500

Net markups 8,500

Net markdowns 10,000

Employee discounts 1,000

Sales revenue 205,000

Calculate the ending inventory valued at the lower-of-cost-or-market.