Try-It 6-11 (similar to) Question Help A beachwear shop needs to estimate the cost of its ending inventory for insurance purposes, and since it is summer it cannot close for a physical count of inventory. The insurance company will accept an estimate using the retail method. The shop's owner knows the cost of opening inventory was $45,000 from the previous year end's physical count and its selling price was $72,000. From invoices, the owner knows the cost of purchases was $108,000 and the retail selling prices totalled $244,000. Cash register receipts show that sales from the beginning of the year totalled $270,000. Calculate the cost of ending inventory for the insurance company. Use the retail method to calculate the cost of ending inventory for the insurance company. (Do not round intermediary calculations. Only round the amount you input in each cell to the nearest dollar.) Cost Selling Price Beginning inventory Purchases Goods available for sale Net sales, at selling price (retail) Ending inventory, at selling price (retail) Ending inventory, at cost Enter any number in the edit fields and then click Check