Estimating inventory Using LIFO Retail Method Required Extimate inventory at july 31 using the Lifo retail method. First, compute current year-end inwentory at retall prices: - Note: Do not use negatives signs with your answern. Nert, cornpute the cost ratios: 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