On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method Cost Retail May 01 Merchandise Inventory $24,950 $41,580 May 01 31 Purchases (net) $36,140 $65,950 May 01 31 Sales (net) $92,920

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

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

	Cost	Retail
May 01	Merchandise Inventory	$24,950	$41,580
May 01-31	Purchases (net)	$36,140	$65,950
May 01-31	Sales (net)		$92,920

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