Retail Inventory Method

Uncle Butch's Hunting Supply Shop reports the following information related to inventory:

	Cost	Retail
Beginning inventory	$35,000	$92,000
Purchases	75,000	200,000
Net additional markups		15,000
Net markdowns		(22,000)
Goods available for sale	$110,000	$285,000
Sales		(178,000)
Ending inventory at retail		$107,000

Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

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