Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Retail Celebrity Tan Merchandise inventory, August 1 Transactions during August: $300,000 $575,000 Purchases (net) 2,149,000 3,375,000 Sales 3,170,000 Ranchworks Co Merchandise inventory, March 1 Transactions during March thru October: $880,000 Purchases (net) 9,500,000 15,800,000 38% Sales Estimated gross profit rate Required: Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Retail Celebrity Tan Merchandise inventory, August 1 Transactions during August: $300,000 $575,000 Purchases (net) 2,149,000 3,375,000 Sales 3,170,000 Ranchworks Co Merchandise inventory, March 1 Transactions during March thru October: $880,000 Purchases (net) 9,500,000 15,800,000 38% Sales Estimated gross profit rate Required