May's Dress Shop's inventory at cost on January 1 was $46,500. Its retail value was $66,500. During the year, May purchased additional merchandise at a cost of $196,500 with a retail value of $396,500. The net sales at retail for the year were $355,500. Calculate May's inventory at cost by the retalil method. (Round the "cost ratio" to the nearest whole percent Cost $46,500 196,500 Beginning inventory S 66,500 396,500 Purchases Cost of goods available for sale Less net sales for year Ending inventory at retail Cost ratio Ending inventory at cost 355,500 1%