The records of The Wilke Co. provided the following information for the year ended December 31, 2014:

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 totaled $39, 275, prepare a schedule showing the store's loss from theft or other causes at cost and at retail.

Transcribed Image Text:

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