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Retail Inventory Method Uncle Butch's Hunting Supply Shop reports the following information related to inventory: CostRetail Beginning inventory$35,000$92,000 Purchases75,000200,000 Net additional markups15,000Net markdowns(22,000) Goods available

Retail Inventory Method

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

CostRetailBeginning inventory$35,000$92,000

Purchases75,000200,000

Net additional markups15,000Net 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 LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

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