Problem 4 (5 marks) Tang Inc. uses the retail inventory method. The following information is available for the current year: Cost Retail Beginning inventory $117,000 $183,000 Purchases 442,000 623,000 Freight-in 8,000 Employee discounts 3,000 Markups 33,000 Markdowns 36,000 Markup cancellations 11,000 Markdown cancellations 6,000 Sales 585,000 Required: Calculate the ending inventory at cost at December 31, 2020, using the retail method. Your solution should be in good form with amounts clearly labelled. Carry the cost ratio to two decimals