Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:

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 60,300 June 1 June 1-30 June 1-30 Merchandise inventory Purchases (net) Sales (net) $90,000 660,000 645,000 Cost of the Merchandise Inventory Cost Retail Ratio of cost to retail price