Robinson Textiles Inc. estimates its inventory using the retail inventory method and reports under ASPE. You have gathered the following information about the company's inventory for the year to date: Cost Retail Gross sales $ 600,000 Sales discounts 18,000 Sales allowances 7,000 Beginning inventory $ 60,000 $ 80,000 Purchases 300,000 550,000 Purchase discounts 8,000 Purchase returns 12,000 18,000 Freight-in 5,000 Additional markups 15,000 Markup cancellations 3,000 Markdowns 12,000 Employee discounts 5,000 Required: Estimate the cost of the inventory for Robinson Textiles at year end. (Round cost percentage to two significant decimal places for example, 12.34%.