lon 1 4 pts Historical cost $20 $.36 Replacement cost Estimated cost to dispose Tate Street Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A sot margin of 30% on selling price is considered normal for each product Specific data with respect to each product follows Products Product 2 21 30 6 Estimated selling price I 14 Required: 40 60 If Tate Street i.. Delta Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data mutigte computation of the inventory at July 31, 2020, are as follows Cost Inventory. 1/1/20 $ 600,000 Purchases 3,000,000 $ 750.000 4725.000 Markups, net 525.000 Sales 4800,000 Estimated normal shoplifting losses 60,000 Markdowns, net 440,000 Required: Using the conventional retail method, lon 1 4 pts Historical cost $20 $.36 Replacement cost Estimated cost to dispose Tate Street Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A sot margin of 30% on selling price is considered normal for each product Specific data with respect to each product follows Products Product 2 21 30 6 Estimated selling price I 14 Required: 40 60 If Tate Street i.. Delta Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data mutigte computation of the inventory at July 31, 2020, are as follows Cost Inventory. 1/1/20 $ 600,000 Purchases 3,000,000 $ 750.000 4725.000 Markups, net 525.000 Sales 4800,000 Estimated normal shoplifting losses 60,000 Markdowns, net 440,000 Required: Using the conventional retail method