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. Retail Cost June 1 Inventory $72,540 $111,600 Purchases (net) June 1-30 531,960 818,400 Tuner 1-30 Sales 800,000 Cost of the Inventory June 30 Retail Cost Ratio of cost to retail price