Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: NOTE: When computing the cost to retail percentage, round to the nearest whole percentage if required. Cost Retail June 1 Merchandise inventory $63,072 $86,400 June 130 Purchases (net) 462,528 633,600 June 130 Sales (net) 619,000 Cost of the Merchandise Inventory June 30 Cost Retail Merchandise inventory, June 1 $fill in the blank 2 63,072 $fill in the blank 3 86,400 Purchases in June (net) fill in the blank 5 462,528 fill in the blank 6 633,600 Merchandise available for sale $fill in the blank 8 525,600 $fill in the blank 9 720,000 Ratio of cost to retail price: fill in the blank 10 % Sales for June (net) fill in the blank 12 619,000 Merchandise inventory, June 30, at retail price $fill in the blank 14 101,000 Merchandise inventory, June 30, at estimated cost $fill in the blank 16 Feedback

On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: NOTE: When computing the cost to retail percentage, round to the nearest whole percentage if required. X Cost Retail Basic Calculator June 1 Merchandise inventory $63,072 $86,400 0 June 1-30 Purchases (net) 462,528 633,600 BS CE June 1-30 Sales (net) 619,000 7 8 9 + 4 5 6 1 2 3 * Cost of the Merchandise Inventory June 30 0 Cost Retail Merchandise inventory, June 1 63,072 $ 86,400 Purchases in June (net) 462,528 633,600 Merchandise available for sale 525,600 720,000 55 X % Ratio of cost to retail price: Sales for June (net) Merchandise inventory, June 30, at retail price 619,000 $ 101,000 Merchandise inventory, June 30, at estimated cost Feedback Check My Work Calculate the amount of goods available for sale at both cost and retail. Divide the cost figure by the retail amount to get the ratio of cost to retail. Subtract retail sales from retail goods available for sale to obtain the ending inventory and multiply this by the cost to retail ratio