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:
Pure Competition
Also known as perfect competition, it is a market structure characterized by a large number of buyers and sellers, homogenous products, and free entry and exit from the market.
Monopolistic Competition
A market structure featuring many firms selling similar but not identical products, allowing for some degree of market power and price differentiation among competitors.
Monopolistically Competitive
An economic scenario in which numerous companies offer products that are alike but not exactly the same, facilitating rivalry through distinctions in their products.
Excess Capacity
A situation in which a firm or industry has more resources available, particularly production capabilities, than is being utilized due to insufficient demand.
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