The business has done a physical count of the inventory on hand on May 31, 2023. For convenience, this inventory was calculated using the retail selling prices marked on the goods, which amounted to $161,028. Use the information from requirement 1 and the gross margin method to calculate the cost of the inventory counted. (Round your answer to the nearest whole dollar.)

fiscal year ended October 31, 2023. (Click the icon to view the data.) Required subtracting numbers. Round amounts to the nearest whole dollar.) What is the cost of inventory counted