RDD Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to one of its departments for the month of October 2020:

	Cost	Retail
Beginning inventory	$40,000	$65,000
Purchases	215,000	440,000
Freight-in	15,600	-
Purchase returns	4,200	6,700
Markups		6,700
Markup cancellations		400
Markdowns		3,500
Markdown cancellations		300
Employee discounts		2,200
Sales		300,000
Sales discounts		4,000

Required

Compute the cost of ending inventory for October using the retail method.