orks Co, are Appendix PR 6-7A Retail method; gross profit method Selected data on inventory, purchases, and sales for ccted data on inventory purchases and sales for Celebrity Tan Co, and Ranchworks as follows: 1. $306,900 Retail Cost $ 300,000 $ 575,000 Celebrity Tan Co. Inventory, August 1 Transactions during August: Purchases (net) Sales 2,021,900 3,170,000 3,250,000 $ 880,000 Ranchworks Co. Inventory, March 1 Transactions during March through November: Purchases (net) Sales Estimated gross profit rate 9,500,000 15,800,000 38% Instructions 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. A. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. B. 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