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The records of The Wilke Co. provided the following information for the year ended December 31, 2020:
At Retail At Cost $ 40,835 251,945 $ 57,305 383,530 7,665 393,060 2,240 January 1 beginning inventory.. Purchases. .....
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 totalled $39,275, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.
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