The records of Earthly Goods provided the following information for the year ended December 31, 2020.

Required

1. Prepare an estimate of the company?s year-end inventory by the retail method. Round all calculations to two decimal places.

2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing the store?s loss from theft or other causes at cost and at retail.

Transcribed Image Text:

At Retail $ 977,150 6,448,700 129,350 5,595,700 At Cost $ 521,350 4,138,245 January 1 beginning inventory. Purchases . Purchase returns . ......*. .. ..... 62,800 Sales .... Sales returns.. ............ 49,600