The records of The Wilke Co. provided the following information for the year ended December 31, 2020:

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.

Transcribed Image Text:

At Retail At Cost $ 40,835 251,945 $ 57,305 383,530 7,665 393,060 2,240 January 1 beginning inventory.. Purchases. ....... 5,370 Purchase returns. Sales. Sales returns . .......... ......