Retail Inventory Method

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

CostRetailBeginning inventory$ 35,000$ 92,000Purchases75,000200,000Net additional markups15,000Net markdowns(22,000)Goods available for sale$110,000$ 285,000Sales(178,000)Ending inventory at retail$ 107,000Calculate 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.