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 retall percentage, round to the nearest whole percentage if required. Cost Retall June 1 $70,800 Merchandise inventory Purchases (net) $54,516 399,784 June 1-30 519,200 June 1-30 Sales (net) 507,000 Cost of the Merchandise Inventory June 30 Cost Retall Merchandise Inventory, June 1 Purchases in June (net) Merchandise available for sale % Ratio of cost to retail price: Sales for June (net) Merchandise Inventory June 30, at retail price Merchandise inventory, June 30, at estimated cost