Problem 6-15B Retail inventory method LO6 CHECK FIGURE: 2. Loss at cost = $2,040.27 The records of The Wilke Co. provided the following information for the year ended December 31, 2020:

At Cost At Retail January 1 beginning inventory ......................... $ 40,835 $ 57,305 Purchases ............................................................... 251,945 383,530 Purchase returns .................................................. 5,370 7,665 Sales ........................................................................ 393,060 Sales returns ......................................................... 2,240

Required 1. Prepare an estimate of the companys year-end inventory by the retail method. Round all calculations to two decimal places. 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $39,275, prepare a schedule showing the stores loss from theft or other causes at cost and at retail.