The records of Nilson Company provide the following information for the year ended December 31.
| At Cost | At Retail |
January 1 beginning inventory | $ 471,350 | $ 927,150 |
Cost of goods purchased | 3,276,030 | 6,279,350 |
Sales |
| |5,495,700 |
Sales returns |
| 44,600 |
Required
1. Use the retail inventory method to estimate the company’s year-end inventory at cost.
2. A year-end physical inventory at retail prices yields a total inventory of $1,675,800. Prepare a calculation showing the company’s loss from shrinkage at cost and at retail.
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