Use the following information for questions 9 and 10.

Baker Company, which uses the LIFO Retail method to determine inventory cost, and has provided the following information for 2019:

Inventory (1/1/19) (Cost $94,000)

Net purchases(Cost $378,000)

Net purchases(Retail $562,000)

Inventory (1/1/19).(Retail $140,000)

Net markups.. $68,000

Net markdowns $30,000

Net sales. $530,000

Assuming stable prices (no change in the price index during 2019), what is the cost of Baker's inventory at December 31, 2019?