Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Retail Cost Celebrity Tan Co. Inventory, August 1 $409,000 $560,000 Transactions during August Purchases (net) 4,701,000 6,440,000 Sales 6,625,000 Ranchworks Co. Inventory, March 1 $264,000 Transactions during March through November: Purchases (net) 3,502,000 5,390,000 Sales 34 % Estimated gross profit rate Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. Celebrity Tan Co. Estimated Cost of Inventory August 31 Retail Cost Ratio of cost to retail price: 2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations 2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. Ranchworks Co. Estimated Cost of Inventory November 30 Cost 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $202,600 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March through November? Previous Check My Work 2 more Check My Work uses remaining