Based on the following data, calculate the estimated cost of the inventory on March 31 using the retail method.

Retail Method

An accounting method to estimate inventory value by applying a consistent markup to the cost of merchandise, used often in the retail industry.

Estimated Cost

An approximation of the cost for goods, services, or construction projects, based on experience, forecasting, and/or information about similar transactions.

Inventory

Assets held for sale in the ordinary course of business, or in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.