LU 18-2a EXTRA PRACTICE QUIZ WITH WORKED OUT go TIONS Need more practice? Try this Extra Practice Quiz (check figures in the Interactive Chapter Organizer). Worked-out Solutions can be found in Appendix B at end of text. 1. From the following, calculate the cost of ending inventory using the retail method (round the cost ratio to the nearest tenth percent) January 1-inventory at cost $ 19.000 January 1-inventory at retail 60.000 Net purchases at cost 265,000 Net purchases at retail 392.000 Net sales at retail 375,000 2. Given the following, calculate the estimated cost of ending inventory using the gross profit method: Gross profit on sales 30% Beginning inventory, January 1, 2017 $30.000 Net purchases $8,000 Net sales at retail for January $16,000