The following data were available from Veggie Department Store's records for the year ended December 31, 2022:

At Cost At Retail

Merchandise inventory, January 1, 2022 $ 80,000 $ 136,000

Purchases 340,000 578,000

Markups 16,000

Markdowns 50,000

Sales 520,000

Using the retail method, what is the estimate of the merchandise inventory at December 31,2022, valued at lower of cost of market? Round the cost to retail ratio to 3 decimal places. Show all your work