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.
Definitions:
Consolidated Net Income
The total earnings of a corporation, after taxes and expenses, including its subsidiaries, presented in a single financial statement.
Comprehensive Income
A measure of all changes in equity during a period except those resulting from investments by and distributions to owners.
Parent Company
A parent company is a corporation that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors.
Subsidiary Company
A company that is completely or partly owned and wholly controlled by another company, referred to as the parent company.
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