Incorrect Question 11 0/4 pts On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Cost Retail $225,000 $324,500 335,000 475,500 Oct. 1 Merchandise Inventory Oct. 1- Purchases (net) 31 Oct. 1- Sales (net) 31 500,000 $ 210,000 $70,000 $140,000 $ 90,000