Problem 5-9AB (Algo) Retail Inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Cost of goods purchased Beginning inventory, January 1 At Cost $ 471,350 3,276,030 At Retail $ 927,150 6, 279, 350 5,495, 700 44,600 Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,675,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.