The retail inventory method is used by The Bronx Company. Inventory, purchases, and sales data for 2016 are as follows:

Using the retail method, calculate the Lower-of-Average-Cost or Market of the Bronx Company's ending inventory.

  

 

Cost Retail Beginning Inventory $40,000 $26,000 Purchases 135,400 313,800 Purchases Returns and Allowances 5,000 6,000 Freight-in Net Markups 11,000 29,000 Net Markdowns 11,000 Net Sales 219,000