Nash Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Nash's ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)
January 1 inventory at cost...................$ 16,300
January 1 inventory at retail....................32,500
Net purchases at cost...........................110,400
Net purchases at retail.........................194,600
Net sales at retail...............................194,000