Mathias Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mathias’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)

Mathias’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)

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January 1 inventory at cost January 1 inventory at retail Net purchases at cost Net purchases at retail Net sales at retail $ 16,500 32,000 110,900 195,500 188,000