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

January 1 inventory at cost	$16,500
January 1 inventory at retail	32,00
Net purchases at cost	110,900
Net purchases at retail	195,500
Net sales at retail	188,000