The records of The Wilke Co. provided the following information for the year ended December 31, 2023:

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 $39,275, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.

Transcribed Image Text:

January 1 beginning inventory.. Purchases......... Purchase returns..... Sales.... Sales returns.... At Cost At Retail $ 40,835 $57,305 251,945 383,530 5,370 7,665 393,060 2,240