The records of Earthly Goods provided the following information for the year ended December 31, 2014. Required:

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The records of Earthly Goods provided the following information for the year ended December 31, 2014.

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Required:
1. Prepare an estimate of the company's 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 totaled $1,675,800, prepare a schedule showing the store's loss from theft or other causes at cost and at retail.
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Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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