Retail method; gross profit method Instructions Amount Descriptions Retail Method Gross Profit Method Final Question Instructions Cost Retail Celebrity Tan Co. Inventory, August 1 $ 300,000 $575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 3,250,000 Sales Ranchworks Co. Inventory, March 1 Transactions during March through November $880,000 Purchases (net) Sales Estimated gross profit rate 9,500,000 15,800,000 38% Required: 1 Determine the estimated cost of the inventory of Celebrity Tan Co on August 31 by the retail method "Enter all ratios as percents, rounded to one decimal place 2. a Estimate the cost of the inventory of Ranchworks Co on November 30 by the gross profit method