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 Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption. Round the cost-to-retail ratio to 3 decimal places