Retail Inventory Method

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

Beginning inventory Cost- $ 35,000 Retail- $ 92,000

Purchases Cost- 75,000 Reatil- 200,000

Net additional markups Cost- 0 Retail- 15,000

Net markdowns Cost- 0 Retail- (22,000)

Goods available for sale Cost- $110,000 Retail- $ 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.