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 $55,380 $78,000 June 1-30 Purchases (net) 406,120 572,000 559,000 June 1-30 Sales (net) Cost of the Merchandise Inventory June 30 Cost Retail $ Ratio of cost to retail price: %