Universal Suppliers had sales of $475,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal Suppliers Financial Highlights June 1-June 30 Cost Retail Beginning Inventory $306,371 $589,900 Net Purchases (June) 172,001 220,900 Need Help? Read It Watch It Master It 6. (-/1 Points) DETAILS BRECMBC9 16.11.005.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER On July 1, the total inventory for Save Mor Merchandisers was $614,100. Net purchases during the month were $319,900 and sales amounted to $611,400. Gross margin on sales was 69%. Estimate the cost value of the inventory as of July 31 using the gross profit (in $). $