Based on the following data, calculate the estimated cost of the inventory on March 31 using the retail method. 
Definitions:
Surplus
The situation in which the quantity supplied of a good exceeds the quantity demanded at a given price.
Quantity Demanded
The overall quantity of a product or service that buyers are ready to buy at a specific price.
Quantity Supplied
How much of a product or service that sellers are willing and able to transact at a given price level.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded; it is the price that clears the market.
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