The records for the Clothing Department of Waterway's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,400; at cost $17,100 Purchases in January: at retail $139,300; at cost $94,901 Freight-in: $7,200 Purchase returns: at retail $3,000; at cost $2,300 Transfers in from suburban branch: at retail $13,200; at cost $9,300 Net markups: $8,000 Net markdowns: $4,000 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $93,500 Sales returns: $2,400

The records for the Clothing Department of Waterway's Discount Store are summarized below for the month of January Inventory, January 1: at retail $25,400; at cost $17,100 Purchases in January: at retail $139,300; at cost $94,901 Freight-in: $7,200 Purchase returns: at retail $3,000; at cost $2,300 Transfers in from suburban branch: at retail $13,200; at cost $9,300 Net markups: $8,000 Net markdowns: $4,000 Inventory losses due to normal breakage, etc: at retail $400 Sales revenue at retail: $93,500 Sales returns: $2,400 Compute the ending inventory using lower-of-average-cost-or-market. Ending inventory at lower-of-average-cost-or-market