Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--: Cost Retail Inventory, start of period, January 1, 20-- $32,000 $52,000 Net purchases during the period 176,000 268,000 Net sales for the period 260,000
Required:
1. Estimate the ending inventory as of March 31 using the retail inventory method.
2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.