Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows:   Cost   Retail Celebrity Tan       Merchandise inventory, August 1 $248,000   $344,000 Transactions during August:       Purchases (net) 2,848,000   3,956,000 Sales     4,070,000         Ranchworks Co.       Merchandise inventory, March 1 $215,000     Transactions during March through November:       Purchases (net) 2,863,000     Sales 4,472,000     Estimated gross profit rate 35%       Required: 1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31     Cost Retail     $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3     fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6     $fill in the blank 4c1a98f55fecf8b_8 $fill in the blank 4c1a98f55fecf8b_9 Ratio of cost to retail price: fill in the blank 4c1a98f55fecf8b_10%           fill in the blank 4c1a98f55fecf8b_12       $fill in the blank 4c1a98f55fecf8b_14       $fill in the blank 4c1a98f55fecf8b_16                 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     $fill in the blank a1e8bd0b9f8d053_2     fill in the blank a1e8bd0b9f8d053_4     $fill in the blank a1e8bd0b9f8d053_6   $fill in the blank a1e8bd0b9f8d053_8     fill in the blank a1e8bd0b9f8d053_10       fill in the blank a1e8bd0b9f8d053_12     $fill in the blank a1e8bd0b9f8d053_14             2b.  Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $160,900 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March thru November? $fill in the blank

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