17. The retail amount of inventory refers to its dollar amount measured using selling prices of inventory items. True False 18. To avoid the time-consuming process of taking an inventory each month, some companies use the gross profit method to estimate ending inventory. True False 19. If the cost to retail ratio is 60% and ending inventory at retail is $45,000, then estimated ending inventory at cost is $27,000. True False 20. Trekking Company's inventory in its River Oaks store was destroyed by a flood. Its gross profit ratio was 65% and net sales were $30,000. The estimated cost of goods available for sale was $32,500. The estimated value of the lost inventory was $18,000 True False 21. The gross profit ratio measures how much of each dollar of net sales is gross prof True False