Selected data on inventory, purchases, and sales for celebrity tan co. and ranchworks co. are as follows: cost retail celebrity tan co. inventory, august 1 $ 300,000 $ 575,000 transactions during august: purchases (net) 2,021,900 3,170,000 sales 3,250,000 ranchworks co. inventory, march 1 $880,000 transactions during march through november: purchases (net) 9,500,000 sales 15,800,000 estimated gross profit rate 38% required: 1. determine the estimated cost of the inventory of celebrity tan co. on august 31 by the retail method.* enter all ratios as percents, rounded to one decimal place. 2. a. estimate the cost of the inventory of ranchworks co. on november 30 by the gross profit method.* b. assume that ranchworks co. took a physical inventory on november 30 and discovered that $369,750 of inventory was on hand. what was the estimated loss of inventory due to theft or damage during march through november? * refer to the list of amount descriptions provided for the exact wording of the answer choices for text entries.