Acc225 Fundamental Accounting Principles: P6-6B The records of Alaina Co. provide the following

Acc225 Fundamental Accounting Principles Problem 6-6B Retail inventory method The records of Alaina Co. provide the following information for the year ended December 31: At Cost At Retail January 1 beginning inventory 81,670 114,610 Cost of goods purchased 492,250 751,730 Sales 786,120 Sales returns 4,480 Required 1. Use the retail inventory method to estimate the company’s year-end inventory. 2. A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation showing the company’s loss from shrinkage at cost and at retail.
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