On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:

		Cost	Retail
June 1	Merchandise 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.

Estimated cost of merchandise sold
Less estimated gross profit
Merchandise available for sale
Merchandise inventory, June 1
Merchandise inventory, June 30, at estimated cost
Merchandise inventory, June 30, at retail
Purchases in June (net)
Ratio of cost to retail price
Sales for June