On the basis of the following data, determine the estimated cost of the inventory as of March 31 using the retail method. Round the cost/retail ratio to two decimal place! 68%. March 1 Inventory March 1-31 Purchases (net) March 1-31 Sales Inventory, March 31, at retail price Inventory, March 31, at estimated cost pricep Cost $310,000 307,250 Retail $550,000 515,000 400,000

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