Novak Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021.

Inventory, October 1, 2021
At cost		$51,800
At retail		76,700
Purchases (exclusive of freight and returns)
At cost		241,978
At retail		424,300
Freight-in		16,500
Purchase returns
At cost		5,400
At retail		8,100
Markups		8,900
Markup cancellations		2,000
Markdowns (net)		3,500
Normal spoilage and breakage		9,900
Sales revenue		392,600

(a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory at lower-of-cost-or-market

$