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On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Cost Retail May

On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method?

Cost Retail

May 1 Inventory $125,000 $166,667

May 1-31 Purchases $235,000 313,333

May 1-31 Sales 230,000

$250,000

$187,500

$172,500

$360,000

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