Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016: Required: Using the retail method, what is the estimate of the merchandise inventory at December 31,2016 , valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory by retail inventory method (Lower of cost or market ) For the year ended December 31