Fashion Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following information pertains to the month of November 2021: Beginning inventory Purchases Freight-in Purchase returns Employee discounts Markups Markdowns Markup cancellations Markdown cancellations Sales Required: Cost $38,000 224,000 10,500 3,300 Retail $68,000 448,000 5,800 2,600 5,900 3.100 1,000 800 285,000 Calculate the ending inventory at cost at November 30, 2021, using the retail method. Your solution should be in good form with amounts clearly labelled. Carry the cost ratio to two decimals.