Tang Inc. uses the retail inventory method. The following information is available for the current year:

Required: Calculate the ending inventory at cost on December 31, 2020, using the retail method. Your solution should be in good form with amounts clearly labeled. Carry the cost ratio to two decimals.

Cost $117,000 442,000 8,000 Retail $183,000 623,000 Beginning inventory Purchases Freight-in Employee discounts Markups Markdowns Markup cancellations Markdown cancellations Sales 3,000 33,000 36,000 11,000 6,000 585,000