Henke Co.uses the retail inventory method to estimate its inventory for interim statement purposes.Data relating to the computation of the inventory at July 31, 2010, are as follows: 
Under the lower-of-cost-or-net realizable value method, Henke's estimated inventory at July 31, 2010 is
Definitions:
Absolute Advantage
The ability of a country, individual, or firm to produce a good more efficiently than another entity, using fewer resources.
Fewer Resources
A situation or condition where there is a reduced availability of inputs or factors of production such as land, labor, and capital.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.
Opportunity Cost
The expense incurred by not choosing the second-best option when making a decision or selection.
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