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 Merchandise inventory $ 80,688 $ 98,400 June 1 June 1-30 Purchases (net) 591,712 721,600 June 1-30 Sales (net) 705,000 Cost of the Merchandise Inventory June 30 Cost Retail Ratio of cost to retail price: %