The records of Alaska Company provide the following information for the year ended December 31.

	At Cost			At Retail
January 1 beginning inventory	$	471,550		$	927,350
Cost of goods purchased		3,420,176			6,279,550
Sales					5,497,700
Sales returns					44,800

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 $1,677,800. Prepare a calculation showing the companys loss from shrinkage at cost and at retail.