011 2:14:09 Retail Method Marina's Dress Shop had net retail sales of $390,000 during the current year. The following additional information was obtained from the company's accounting records: At Cost At Retail Beginning inventory $80,000 $120,000 Net purchases (excluding freight-in) 260,000 420,000 Freight-in 16,400 Required: 1. Using the retail method, estimate the company's ending inventory at cost. 2. Assume that a physical inventory taken at year end revealed an inventory on hand of $132,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?