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Prepare a calculation showing the company loss

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Question: The records of Saturn Co. provide the following information for the year ended December 31.

                                                            At Cost                  At Retail

January 1 beginning inventory . . . . . . . . . $ 81,670                 $114,610

Cost of goods purchased . . . . . . . . . . . . 492,250                    751,730

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        786,120

Sales returns . . . . . . . . . . . . . . . . . . . . . .                               4,480

Required: 1. Use the retail inventory method to estimate the company's year-end inventory.

2. A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.

Reference no: EM131533461

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