The records of Alaska Company provide the following information for the year ended December 31. At Cost At Retail January 1 beginning inventory $ 472,550 $ 928,350 Cost of goods purchased 3,131,900 6,280,550 Sales 5,507,700 Sales returns 45,800 Required: 1. Use the retail inventory method to estimate the companys year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,687,800. Prepare a calculation showing the companys loss from shrinkage at cost and at retail.