Question: Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2018, is as follows: Cost Retail Beginning

Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2018, is as follows:

Cost Retail
Beginning inventory $ 49,000 $ 86,000
Net purchases 249,000 414,000
Net sales 404,000

Required: Use the retail method to estimate the June 30, 2018, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)

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