Richard, Inc. uses the retail inventory method. The following information is available for the current year.

Cost Retail Beginning Inventory $ 312,000 $ 488,000 Purchases 1,170,000 1,610,000 Freight-In 20,000 --- Net markups --- 70,000 Net markdowns --- 80,000 Sales Revenue --- 1,560,000

a. What is the cost-to-retail ratio to be used if the ending inventory is to be valued at approximately lower of cost or market? Round the percentage to zero decimals ... e.g. a ratio of 0.49427 rounded to 2 decimals = 49%

b. What is the approximate cost of the ending inventory using the conventional retail method? Round your final response to whole dollars (that is, no cents).