01 Dec Corabia Dress Shop had net retail sales of $250,00
Corabia Dress Shop had net retail sales of $250,000 during the current year. The following additional information was obtained from the company s accounting records: 1. Using the retail method, estimate the company s ending inventory at cost. 2. Assume that a physical inventory taken at year end revealed an inventory on hand of $18,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?