Base your answer to question 7 on the following data obtained from the records of the Quality Men's Shop as of December 31, 20x1. inventory~Decemher 31, ZDXD: Cost $ 15,210 Selling price 28,420 Purchases: Cost 93,450 Selling price 154,900 Transportatiomin 1,560 Returns: Purchases: Cost 2.220 Selling price 3,320 Sales 173,500 REQUIRED: Using the work sheet provided at the back of this unit, compute the December 31, 201(1, inventory at cost, using the retail inventory method. Then answer the foliowing question. 7. The ending inventory at cost is A. $10,333. c. $3,300. a. $3,500. 0. $2,300. Base your answer to question 8 on the following account balances taken from the ledger of the Wizard Company as of December 31, 2013. Sales $725,200 Sales returns and allowances 15,240 Purchases 529,210 Transportationsin 5,900 Purchase returns and allowances 4,750 Merchandise inventory, December 31, 20242 90,450 REQIJIRED: The gross prot was 30% of net sales in all previous years. Prepare an estimate of the December 31, 2013, inventory, using the work sheet provided at the back of this unit, and then answer question 8. 8. The estimated December 31, 20x3, inventory, computed by using the gross-prot method of estimating inventories is it. $123,333. c. $113,120. a. $112,933. 0. $111,210