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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.
Calculate the expected amount of income before interest and taxes for both a 10 percent decrease and a 10 percent increase in net sales for next year.
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