Selected data on merchandise inventory, purchases, and sales for Hacienda Co. and San Lucas Co. are as follows:

Instructions
1. Determine the estimated cost of the merchandise inventory of Hacienda Co. on June 30 by the retail method, presenting details of the computations.
2. a. Estimate the cost of the merchandise inventory of San Lucas Co. on December 31 by the gross profit method, presenting details of the computations.
b. Assume that San Lucas Co. took a physical inventory on December 31 and discovered that $269,250 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during November andDecember?

Cost Retail Hacienda Co. Merchandise inventory, June 1 Transactions during June: 200,000 $ 290,000 Purchases (net) Sales Sales returns and allowances 2,086,000 2,885,000 2,780,000 30,000 San Lucas Co. Merchandise inventory, November 1 Transactions during November and December: S 225,000 Purchases (net) Sales Sales returns and allowances 1,685,000 2,815,000 85,000 40% Estimated gross profit rate