St. Pete Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost Retail $ 58,000 $ 80,500 323,545 468,000 8,500 17,200 397,000 Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to one (1) decimal place