2a. Estimate the cast of the inventory of Ranchworks Co. an Navember 30 by the gross profit method, presenting details of the computations. Far those boxes sign which yau must enter subtracted or negative numbers use a minus Ranchworks Co. Estimated Cost Inventory November 30 Csl 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March through November? od Retail method; gross profit method Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $300,000 $575,000 Transactions during August: Purchases (net 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $as0,000 Transactlons during March through November: Purchases (net) 9,500,000 15,a00,000 Sales Est mated grOss profit rate 38% Required: Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Celebrity Tan Co. Estimated Cost of Inventory August 31 Retail Cost Ratio of cost to retail price