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 $880,000 Transactions during March through November: Purchases (net) Sales 9,500,000 15,800,000 Estimated oross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computatio Celebrity Tan Co. Estimated Cost of Inventory August 31 20. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For the Ranchworks Co. Estimated Cost of Inventory Feesoack T Check Mr Work $ T Cned My Work The estimated inventory less the physical imventory is the estmated loss: T Cheok Mr work Panaly correct