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Question - A company uses the retail inventory method and has the following information available concerning its most recent accounting period:
At Cost
At Retail
January 1 beginning inventory
$167,340
$304,240
Cost of goods purchased
561,850
1,021,560
Sales
940,400
Sales returns
40,200
Required -
1. Use the retail inventory method to estimate the company's year-end inventory at cost.
2. A year-end physical count at retail prices yields a total inventory of $404,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.
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