Calculate Using Retail Method

Short Answer

Calculate using retail method:
$$\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail Price } \\\hline \text { Beginning Inventory } & \$ 75,000 & \$ 115,000 \\\hline \text { Purchases during the year } & \$ 37,000 & \$ 55,000 \\\hline \text { Sales for year } & \$ 71,000 & \\\hline \text { (round cost ratio to nearest thousandth) } &\\\hline\end{array}$$