ABC Designs would like to estimate its ending inventory at year-end using the retail method and compare it to the physical count of inventory on hand at year-end. After doing a physical count it was determined the ending inventory had a cost of $50,700. The following financial information was available at its year-end, December 31, 2019. At Cost $ At Retail $ Jan 1, 2019 Beginning Inventory 46,000 62,100 Purchases Jan 1 - Dec 31, 2019 310,350 418,972 Purchase Returns Jan 1 - Dec 31, 2019 13,400 18,930 Sales Jan 1 - Dec 31, 2019 390,800 Sales Returns Jan 1 - Dec 31, 2019 9,200 . Using the retail inventory method to determine the amount of inventory lost due to shrinkage. Round to the nearest whole %