Retail Method; Gross Proft Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchwork Co. are as follows: Cost Retail Celebrity Tan Co. $337,000 $456,000 Merchandise inventory, August 1 Transactions during August Purchases (net) 3,681,000 5,244,000 5,394,000 Sales Ranchworks Co. $107.000 Merchandise inventory, March 1 Transactions during March through November Purchases (net) 4,077,000 6,089,000 Sales 329 Estimated gross profit rate Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co on August 31 by the retail method, presenting details of the computations Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Coon August 31 by the retail method, presenting details of the computations Celebrity Tan Co. Cost of the Merchandise Inventory August 31 Cost Retail Ratio of cost to retail price 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations Ranchworks Co. Cost of the Merchandise Inventory November 30 2a. Estimate the cost of the merchandise inventory of Ranchworks Co, on November 30 by the gross profit, method, presenting details of the computations. Ranchworks Co. Cost of the Merchandise Inventory November 30 Cost 2b. Assume that Ranchwork Co. took a physical inventory on November 30 and discovered that $225,900 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November