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.
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