Estimating Inventory Using LIFO Retail Method Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory at July 31 follow. Required Estimate inventory at July 31 using the LIFO retail method. First, compute current year-end inventory at retail prices: - Note: Do not use negatives signs with your answers. Next, compute the cost ratios: Lastly, estimate inventory at July 31 using the LIFO retail method by completing the following table. - Note: Use the result EXACTLY as displayed above in the calculations below