The April 1 inventory of Inotech Inc. had a cost of $35,505 and had a retail value of $79,000. During April, merchandise was purchased for $125,000 and marked to sell for $262,500. April sales totaled $201,000.
Required:
Calculate the following items using the retail method of inventory estimation. 
Definitions:
Resource Demand
The desire and ability of firms or individuals to acquire resources or inputs necessary for production, influenced by their price and productivity.
Demand Decrease
A reduction in the quantity of a product or service wanted by consumers at any given price level.
Production Function
A mathematical relationship expressing the maximum output that can be produced from a given set of inputs in the production process.
Marginal Product
The additional output that results from using one more unit of a production factor, keeping all other factors constant.
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