Novak Inc. had beginning inventory of $22,200 at cost and $31,200 at retail. Net purchases were $158,300 at cost and $205,000 at retail. Net markups were $11,600, net markdowns were $5,700, and sales were $176,000. Calculate the ending inventory at cost using the retail method. (Round intermediate calculation to 2 decimal places, e.g. 15.21% and the final answer to O decimal places, e.g. 5,275.) Ending inventory $ 48396