The records of Earthly Goods provided the following information for the year ended December 31, 2020.

Required:

1. Prepare an estimate of the companies year-end inventory by the retail method.

2. under the assumption the company took A year and physical inventory at marked selling prices that totalled $1,677,800, prepare a schedule showing the stores loss from theft or other causes at cost and at retail.

January 1 beginning inventory Purchases Purchase returns Sales Sales returns At Cost At Retail $ 481,350 $ 937,150 3,546,925 6,408,700 54,800 121,350 5,515,700 45,600 EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio % $ 0 Estimated ending inventory at cost EARTHLY GOODS Inventory Shortage December 31, 2020 At Cost At Retail Estimated inventory, December 31 Physical inventory Inventory shortage