12. Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2017, is as follows: Cost Retail $ $ Beginning inventory Net purchases Net sales 72,200 362,500 115,200 735,485 695,000 Required: Use the retail method to estimate the June 30, 2017, inventory. (5 pts) 18. Mad Hatter Enterprises purchased new equipment for $365,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: $ State sales tax Freight costs Insurance while in transit Insurance after equipment place in service Installation costs Insurance for the first year of operations Testing 29,200 5,600 800 1,200 2,000 2,400 700 Required: Determine the capitalized cost of the equipment. (3 pts)