Retail method On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Date Line Item Description Cost Retail June 1 Inventory $165,000 $275,000 June 130 Purchases (net) 2,361,500 3,800,000 June 130 Sales 3,550,000 blank Cost of the Inventory June 30 Line Item Description Percentage Cost Retail $ $ $- Select - $- Select - Ratio of cost to retail price: fill in the blank 10 % $- Select - $- Select - Feedback Area