Noa Corporations uses the retail inventory method to estimate its ending inventory. The following information relates to Noa Corporations inventory at both cost and retail for the current year.

Description	Cost	Retail
Beginning Inventory	$55,000	$78,500
Purchases	250,000	325,000
Purchase discount	10,000
Freight-In	5,000
Additional markups		24,000
Markup cancellations		7,000
Markdowns		12,000
Markdown cancellations		3,500
Sales		400,000

Instructions: Answer each of the following questions.

What is the ending inventory at retail?

If the ending inventory is to be valued at conventional retail method, the calculation of the cost to retail ratio should be based on what cost and retail?

Using the conventional retail method, calculate the approximate cost of ending inventory.