The records of Earthly Goods provided the following information for the year ended December 31, 2023.

At Cost At Retail

January 1 beginning inventory $ 451,350 $ 907,150

Purchases 2,967,585 6,378,700

Purchase returns 48,800 115,350

Sales 5,455,700

Sales returns 42,600

Required:

1. Prepare an estimate of the companys year-end inventory by the retail method. (Round all calculations to two decimal places.)

2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the stores loss from theft or other causes at cost and at retail.