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problem: The records of Sehrah Co. provide the following data for the year ended December 31:


At Cost

At Retail

Jan. 1 Beginning Inventory

$ 81,670


Cost of goods purchased






Sales Returns




[A] Apply the retail inventory method to determine the firm's year-end inventory.

[B] A year-end physical inventory at retail prices yields a total inventory of $78,550. Make a calculation showing the firm's loss from shrinkage at cost & at retail.

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