Octave Company had the following cost and retail pricing on its merchandise inventory. 
The net sales revenue for the time period was $65,000. Compute the estimated cost of ending merchandise inventory by the retail method.
Definitions:
Production
The process of creating goods or services by combining various inputs like labor, materials, and technology.
Total Revenue
The total income a firm receives from selling its products or services, calculated by multiplying the price per unit by the number of units sold.
Marginal Cost
Is the cost of producing one additional unit of a good or service.
Least-cost Combination
An optimal mix of inputs that minimizes the cost of production while yielding a given level of output.
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