On the basis of the following data, determine the estimated cost of the inventory as of March 31 using the retail method.

Retail Method

An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.

Estimated Cost

An approximation of the financial outlay required to complete a project, acquire a service, or purchase goods, often used in budgeting and planning.

Inventory

A company's inventory of products and materials, accumulated for selling or using in production.