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:
Degrees of Freedom
The number of independent values or quantities which can be assigned to a statistical distribution or parameter estimate, impacting the shape and scale of the distribution.
Rule of 5
An empirical rule suggesting that a sample of size five is often sufficient for capturing the median of a population, specifically under conditions reflected in the five-number summary.
Independent Events
Two or more events whose occurrence or outcome does not affect one another.
Multinomial Experiment
An experiment consisting of a fixed number of trials where each trial has multiple possible outcomes and the trials are independent.
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