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Calculating Ending Inventory under Retail Inventory Method and calculation of loss from Shrinkage at Cost & Retail.
The records of Alaina Co. provide the following information for the year ended December 31:
At Cost
At Retail
Jan. 1 Beginning Iventory
$ 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.
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