Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August 1 inventory of Hawkins Company had a cost of $81,000 and a retail value of $116,000. During August, merchandise was purchased for $97,710 and marked to sell for $143,000. August sales totaled $127,000. Required: 1. Compute the retail value of the ending inventory as of August 31. 2. Compute the approximate cost of the ending inventory 3. Compute the cost of goods sold during August. Analyze: What is the amount of estimated gross profit on sales for the month ending August 31? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Compute the retail value of the ending inventory as of August 31. Caet Retail Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Compute the retail value of the ending inventory as of August 31. Cost Retail Beginning inventory, August 1 Purchases Total merchandise available for sale $ 0 $ Ending inventory at retail Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Compute the approximate cost of the ending inventory. (Round your intermediate calculations to 2 decimal places.) Ending inventory at cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Compute the cost of goods sold during August. (Round your intermediate calculations to 2 decimal places.) Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze What is the amount of estimated gross profit on sales for the month ending August 31? (Round your intermediate calculation to 2 decimal places.) Estimated gross profit