171. On the basis of the following data, estimate the cost of the merchandise inventory at March 31 by the retail method: CostRetail March 1Merchandise Inventory$250,000$350,000 March...

171. On the basis of the following data, estimate the cost of the merchandise inventory at March 31 by the retail method:

CostRetail

March 1Merchandise Inventory$250,000$350,000

March 1-31Purchases (net)850,0001,650,000

March 1-31Sales (net)845,000

172. On the basis of the following data, determine the estimated cost of the inventory as of March 31 by the retail method, presenting details of the computation in good order.

1-31Purchases (net)307,250515,000

1-31Sales (net)400,000