Whispering Inc. had a beginning inventory of $11,400 at cost and $20,300 at retail. Net purchases were $112,504 at cost and $163,500 at retail. Net markups were $9,800, net markdowns were $7,200, and sales revenue was $136,000. Compute ending inventory at cost using the conventional retail method (I would appreciate an explanation of the calculations as well, so I'm able to understand where the numbers came from)