Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co, are as foliows: Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co, on August 31 by the retail method, oresenti. Theok My Woke Calculate the amount of goods avaliabie for sale at both cost and retail. Divide the cost figure by the rotall amount to get the ratio of cost to retaili. Subtroct retail sales from retail goods available for sale to obtain the ending inventory and multiply this by the cost to retall ratio. 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting detalis of Feedback T Creck My Work Merchandise avaliable for sale - estimated cost of inventory sold = estimated cost of inventory. Recall that the estimated cost of merchandise sold is colculated by subtracting the estimated gross profit from the sales. 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $166,800 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November