Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to estimate ending Inventory. Listed below is data accumulated for the year ended December 31, 2021: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost Retail $16,800 $24,800 50,800 79,800 4,300 3,500 4,400 2,900 5,900 72,400 2,500 The denominator for the current period's cost-to-retail percentage is: Data related to the Inventories of Mountain Ski Equipment and Supplies is presented below: Selling price Cost Replacement cost Sales commission Normal gross profit ratio Skis $185,000 130,500 125,000 20% 30% Boots $155,000 135,500 130,500 20% 30% Apparel $125,000 92,500 115,000 20% 25% Supplies $65,000 50,500 55,000 20% 25% In applying the lower of cost or market rule, the Inventory of apparel would be valued at