Ella Inc. uses the retail inventory method to estimate ending inventory for its yearly financial statements. The following data is related to one of its departments for the year of 2021: Beginning inventory Purchases Freight-in Purchase returns Markups Markup cancellations Markdowns Markdown cancellations Employee discounts Sales Sales discounts Cost $45,000 Retail $75,000 350,000 550,000 16,600 5,700 7,700 7,700 500 4,500 400 3,200 400,000 Required- Calculate the cost of ending inventory for 2021 using the retail method. 5,500