Harvey's Junk Jewelry started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2024:

	Cost	Retail
Beginning inventory	$ 16,900	$ 24,900
Purchases	50,900	79,900
Freight-in	4,400
Purchase returns	3,600	4,500
Net markups		2,950
Net markdowns		6,000
Net sales		72,500
Employee discounts		2,600

The denominator for the current period's cost-to-retail percentage is: