Retail Method; Gross Pront Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Merchandise inventory, August 1 $225,000 $304,000 Transactions during August: Purchases (net) 2,587,000 Sales 3,496,000 3,596,000 $266,000 Ranchworks Co. Merchandise Inventory, March 1 Transactions during March through November Purchases (net) 3,530,000 Sales 5,515,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co, on August 31 by the retail method, presenting details of the computations. Celebrity Tan Co. Cost of the Merchandise Inventory August 31 Cost Retail Check My Work more Check My Work uses remaining Previous Next > eBook Print om 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Coon August 31 by the retail method, presenting details of the computations, Celebrity Tan Co. Cost of the Merchandise Inventory August 31 Retail Cost Ratio of cost to retail price: % 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations Ranchworks p. Cost of the Merchandise Inventory November 30 Cost Previous Next > Check My Work more Check My Weremaining All work saved Emal instructor Save and Exit Submit Assignment for Grading MacBook Pro oooh Printem Ratio of cost to retail price: 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations Ranchworks Co. Cost of the Merchandise Inventory November 30 Cost 2b. Assume that Ranchworks Co took a physical inventory on November 30 and discovered that $195,600 of merchandise was an hand. What was the estimated loss of Inventory due to theft or damage during March through November? Check My Work more Check My Works remaining Previous Next All work saved. Email Instructor Save and Est Submit Assignment for Grading