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 $$39,360$ $$49,200$

June $130$ Purchases $($net$)288,640360,800$

June $130$ Sales $($net$)353,000$

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Cost of the Merchandise Inventory

June $30$