Matrix, Inc. uses the retail method to estimate inventory at the end of July. The controller gathers the following information:

Beginning inventory at cost $21,000 (at retail $35,000),

Net purchases at cost $200,000 (at retail $304,000),

Net markups $8,000,

Net markdowns $4,000,

And net sales for July $300,000.

Estimate inventory at July 31.