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

Required
1. Use the retail inventory method to estimate the company's year-end inventory at cost.
2. A year-end physical inventory at retail prices yields a total inventory of $1,710,900. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.

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At Cost At Retail January beginning inventory Cost of goods purchased.... Sales^.L. Sales returns.... .. . . 476,600 927,950 3,481,060 6,401,050 5,565,800 49,800