On the basis of the following data: Cost Retail June 1 Inventory $ 175,000 $ 260,000 June 1-30 Purchases (net) 2,347,780 3,809,000 June 1-30 Sales 3,590,000 Estimate the cost of the merchandise inventory at June 30 by the retail method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter ratios as percentages rounded to one decimal place. Amount Descriptions Estimated cost of goods sold Estimated gross profit Merchandise available for sale Inventory, June 1 Estimated inventory, June 30 Inventory, June 30, at retail Inventory, June 30, at estimated cost Purchases in June (net) Ratio of cost to retail price Sales for June Estimate the cost of the merchandise inventory at June 30 by the retail method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter ratios as percentages rounded to one decimal place. Estimated Cost of Merchandise Inventory June 30 1 Cost Retail 2 3 4 5 6 7 8