Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Cost Retail Jaffe Co. Merchandise inventory, February 1 $400,000 $615,000 Transactions during February: Purchases (net) Sales 4,055,000 5,325,000 5,100,000 Coronado Co. Merchandise inventory, May 1 $400,000 Transactions during May through October: Purchases (net) 3,150,000 Sales 4,750,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting d Jaffe Co. Cost of the Merchandise Inventory February 28 Cost Retail Check My Work 3 more Check My Work uses remaining. 201 1000.000 4 W 4 T Y S 411 0 4 D 4 0 K K C D 2 4 M